The Maine Real Estate Power of Attorney is an instrumental document that enables an individual (referred to as the ‘Principal’) to delegate decision-making authority related to real estate matters to another person (the ‘Agent’).
The purpose of this form is twofold: Firstly, it enables the Principal to ensure that their property affairs are managed according to their preferences even when they are unable or unavailable to make these decisions themselves.
Secondly, it offers legal protection and structure for all parties involved by defining the scope of the agent’s powers, the duration of the agreement, and the conditions under which it operates.
This is the section where you officially declare the effective date of the Power of Attorney and who the participating parties are.
This is the date from which this Power of Attorney takes effect. It’s like the start date of a contract, and it marks the day your agent can start acting on your behalf.
For instance, if you set the effective date as July 1, 2023, your agent can start making decisions from that date.
This is you, the individual assigning the authority to another party. Your full legal name goes here, along with your current mailing address.
Let’s say you’re John Smith living at 123 Main Street, Anytown, USA – you would fill in “John Smith” and “123 Main Street, Anytown, USA”.
This is the person to whom you’re giving the authority to act on your behalf. You must fill in their full legal name and current mailing address.
If, for example, you’re giving the authority to your trusted friend, Jane Doe, living at 456 Oak Drive, Sometown, USA, you’ll fill those details in here.
Here, you designate a secondary agent who can step in if your primary agent is unable to serve for some reason, like illness or unavailability.
If you don’t want a backup agent, you can select “No other individual“.
If you want to appoint a secondary agent, select “Another Agent” and fill in their name and mailing address just like you did for the primary agent.
This could be another trusted friend or relative, say Robert Brown, living at 789 Pine Lane, Other town, USA.
This section specifies which property or properties the power of attorney pertains to.
If it’s for a single property, choose “A Single-Property” and provide the address of the property.
If it’s for multiple properties, select “Multiple Properties“. This means your agent will have authority over all the properties you partially or fully own.
Imagine you’re giving your agent power to manage your summer home at 555 Beach Blvd, Sunville, USA, you would put that address here.
This part is where you detail the powers you’re granting to your agent. It could be for selling, purchasing, management, financing or a combination of these.
If you want your agent to handle the selling of your property (maybe you’re moving abroad and can’t handle the sale yourself), tick and initial next to “Selling”.
If you want your agent to handle the purchasing of property on your behalf (maybe you’re too busy or far away to manage it yourself), tick and initial next to “Purchasing”.
If you want your agent to manage the property (you’re often out of town and need someone to oversee repairs, handle contractors, or deal with tenants), tick and initial next to “Management”.
If you need your agent to handle financing matters (maybe you’re not comfortable or experienced in dealing with property financing), tick and initial next to “Financing”.
This section is about how long this Power of Attorney lasts.
If there’s a specific end date, select “End Date” and fill in that date. Maybe you’ll be back from your international assignment on December 31, 2024, and won’t need your agent’s help after that.
If you want the power of attorney to end when you can no longer think for yourself, select “Principal’s Incapacitation”.
If you want it to end upon your death or when you revoke it, select “The Principal’s death or revocation”.
This part clarifies what happens to the Power of Attorney if you become incapacitated and can’t think for yourself.
If you want the power of attorney to end immediately when you’re incapacitated, select “NOT be Valid”.
If you want it to continue even if you’re incapacitated, select “Remain Valid”. This way, your agent can keep managing your property affairs even if, for example, you have a severe accident and go into a coma.
This is where you make the Power of Attorney official by signing it, often in front of a witness or notary public, based on the Governing Law.
You’ll select who should witness this document’s signing: a Notary Public, One Witness, or Two Witnesses. This is dictated by your local laws and requirements, so you should research or ask a legal advisor what applies in your case.
For example, if you’re in a state that requires the signature of a notary public, you would tick and initial next to “Notary Public”.
If only one witness is required, select “One (1) Witness”.
If two witnesses are needed, select “Two (2) Witnesses”.
Once you’ve selected the appropriate witness type, you’ll sign your name as the Principal.
You’ll also print your name beside your signature for clarity. Don’t forget to write down the date as well.
This section is for the Notary Public, a third-party authorized by the state, to acknowledge that you signed the document of your own free will.
The Notary Public will fill in the State and County information and the date you signed the document. They’ll also verify your identity and confirm that you willingly signed this Power of Attorney.
The Notary Public will then sign and print their name. They’ll also provide their commission’s expiration date.
If witnesses were required instead of a notary, this section would be for them.
Each witness signs this part of the form, attesting that they saw you sign the document willingly and that you’re of sound mind and not under duress.
They also provide their printed name, mailing address, and phone number for contact and record purposes.
Let’s say your neighbors, Tom Green and Amy White, are your witnesses. They’ll sign, print their names, give their addresses, and provide their contact numbers.
In summary, the Maine Real Estate Power of Attorney form plays a critical role in property management.
It legally empowers an agent to act on behalf of the Principal in managing real estate affairs under predefined conditions.
The clear stipulation of terms, powers, and time frames protects the interests of all parties involved. By setting out these terms in a legally recognized document, you can ensure that your real estate dealings continue smoothly in your absence or incapacitation.
Please remember that it’s essential to consult with a trusted legal professional when drafting and executing this form, to ensure all aspects align with your personal requirements and state laws.