A Minnesota real estate power of attorney is a legal document that allows a property owner, known as the principal, to appoint a trusted agent to manage their real estate transactions and related duties. The agent selected by the principal will have specific powers to act on their behalf, such as buying, selling, managing, refinancing, and leasing the property.
The agent’s authority can be made durable, meaning it remains valid even if the principal becomes incapacitated. It’s important to note that the principal can revoke the power of attorney at any time with written notice to the agent or by creating a new power of attorney.
Legal Considerations
Statute: Chapter 523. Powers of Attorney
Signing Requirements: Notary public. (§ 523.01)
