A Wisconsin Real Estate Power of Attorney form is a critical legal instrument used when an individual (the Principal) wants to delegate authority over their real estate matters to a trustworthy person (the Agent).
Such a document is fundamental for numerous reasons, providing protection, convenience, and peace of mind.
It serves as a contingency plan for situations where the Principal is unable to make decisions, either due to incapacitation or unavailability.
This section is about the people involved in the power of attorney agreement.
This is the date when the power of attorney comes into action. Fill in the day, month, and year when the agreement takes effect.
For example, you may input “July 23, 2023”. It’s crucial because it legally dictates when the Agent can start making decisions.
This is you, the person granting the power of attorney. Fill in your name and your full address, including city, state, and zip code.
For instance, you might write “John Doe” and “123 Apple Street, Madison, WI 53711”. It’s necessary to clearly identify the person giving the authority.
This is the person you’re granting authority to. Input their full name and address. The role of the Agent is significant as they will make decisions on your behalf.
Make sure it’s someone you trust deeply, like “Jane Smith”, living at “456 Pear Avenue, Green Bay, WI 54303”.
This field deals with a potential backup agent if your first choice is unable to fulfill their duties. If you don’t want to appoint a second agent, choose the first option.
But, if you have someone else in mind, select the second option and input their name and full address.
This field outlines the property in question.
A Single-Property: If this power of attorney pertains to one specific property, check this option. This clearly defines the property in question.
Multiple Properties: If the power of attorney pertains to all properties you own, wholly or partially, check this box. This gives the Agent broad authority over all your real estate assets.
Write down the property’s full address, like “789 Peach Boulevard, Milwaukee, WI 53202”.
This is the heart of the agreement, describing exactly what powers you’re granting.
If you want your Agent to handle sales transactions, initial and check this box. It includes the authority to accept closing proceeds for deposit into your account.
This grants your Agent the power to finalize documents necessary for property purchasing.
This involves routine maintenance, dealing with tenants, repairs, and other day-to-day matters.
This enables your Agent to handle mortgage documents and disburse funds necessary from your account.
This defines the duration of the power of attorney.
End Date: If you want the power of attorney to expire on a specific date, initial and check this box, then fill in the desired date.
Principal’s Incapacitation: The power of attorney will be valid until you become mentally incapacitated.
The Principal’s death or revocation: The power of attorney will be valid until your death or until you revoke it.
This determines if the power of attorney is durable or non-durable.
NOT be Valid: If you want the power of attorney to end if you become mentally incapacitated, initial and check this box.
Remain Valid: If you want the power of attorney to continue even if you become incapacitated, initial and check this box.
This section outlines how the document should be validated. Here, you decide who will verify the legitimacy of your signature.
This is a public officer authorized to authenticate documents.
If you choose this option, the Notary will sign the document to confirm you signed it willingly and understood its content.
It’s considered one of the most secure options for proving a signature’s authenticity.
This option allows you to have one witness who can confirm you signed the document. This person cannot be the Agent and should not have any interest in the document.
Some people prefer to have two witnesses for added security and legitimacy.
As with the single witness, neither can be the Agent or have any vested interest in the document.
Once you’ve made your choice, initial and check the appropriate boxes. Then, you’ll sign the document and print your name.
The Date you sign should also be added.
This is where the Notary Public confirms they’ve verified your identity and witnessed you signing the document.
The Notary fills in the state and county where the notarization is taking place, the date, their signature, printed name, and the date their commission expires.
This is where the witness(es) confirms they witnessed you willingly signing the document.
The witness(es) declares that you, the Principal, are at least 18 years of age, of sound mind, and signed the document without being forced or under undue influence.
Each witness must sign, print their name, provide their mailing address, and phone number.
To sum up, a Wisconsin Real Estate Power of Attorney is more than just a form; it’s a means of safeguarding your real estate assets and ensuring your wishes are upheld, even in your absence.
It offers a comprehensive way to dictate who, how, and when someone can act on your behalf.
Its strict requirements for validation only reinforce its significance, instilling trust and confidence in all parties.
Completing this document is not just fulfilling a legal requirement; it’s a thoughtful act of planning and protection.