An Illinois real estate power of attorney is a legal document that allows a person (known as the principal) to grant authority to another person (known as the agent) to make decisions and transactions related to their real estate. This includes selling, refinancing, or managing the property in question.
The agent has to be someone the principal trusts and who is knowledgeable about real property law. The power of attorney document must be carefully reviewed and signed by the principal, and a notary public must acknowledge the form before it can be used by the agent.
Once executed, the power of attorney remains effective until the termination date or revocation, unless otherwise indicated by the principal.
Legal Considerations
Statute: 755 ILCS 45/3-4(a)
Signing Requirements: One witness and a notary public. (765 ILCS 5/20; 755 ILCS 45/3-3)
