A Maine real estate power of attorney is a legal document that allows an individual to appoint an agent to manage their real estate transactions. This document grants the agent the authority to buy, sell, refinance, and manage the property on behalf of the principal. It can be used when the principal is unavailable or unable to attend to their real estate affairs.
The agent can also be a real estate attorney who can handle the closing of a real property sale. It is important to note that the agent is prohibited from performing any duties that aren’t specifically mentioned in the power of attorney. This arrangement can be terminated upon the principal’s death, incapacitation, or upon a revocation form being signed.
Legal Considerations
Statute: § 5-934
Signing Requirements: Notary public. (§ 5-905)
