Illinois Real Estate (Property) Power of Attorney
Illinois Real Estate Power of Attorney (POA) is a limited type of POA that is wholly focused on transferring decision making powers from an individual to another party (their Agent) who will manage their real estate tasks. The tasks are dependent on the individual, who must decide the matters they wish the Agent to act on their behalf. For instance, the Agent can take charge of rent collection, the buying or selling of one or more properties, or the mortgaging of one.
State Laws & Signing Requirements
State Laws – Illinois Power of Attorney Act
Signing Requirements (ILCS 45/3-3) – In order for an Illinois Real Estate Power of Attorney to be compliant with state signing requirements, it must be signed by the Principal before a minimum of one (1) witness as well as a Notary Public.