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The Illinois Real Estate Power of Attorney is the formal way to grant an attorney-in-fact the permission to carry out transactions in your name regarding property consisting of land and fixed structures. When someone is unable to manage certain real property matters on their own behalf, this form gives them the opportunity to delegate these duties to a third (3rd) party. Such assignments could include the selling or buying process, the securing or refinancing of a loan, or the overall management of the premises.

Laws

Statute – Real Estate Transactions (755 ILCS 45/3-4(a))

Definition – “Agency” means the written power of attorney or other instrument of agency governing the relationship between the principal and agent or the relationship, itself, as appropriate to the context, and includes agencies dealing with personal or health care as well as property. An agency is subject to this Act to the extent it may be controlled by the principal, excluding agencies and powers for the benefit of the agent (755 ILCS 45/2-3(a)).

Signing Requirements – Acknowledgment of at least one (1) witness (second witness optional) and a notary public (755 ILCS 45/3-3(f)).