An Oregon real estate power of attorney is a form in which a principal (the person granting power) authorizes an agent (the person receiving power) to handle their real estate transactions. It gives the agent permission to sell, manage, mortgage, and buy real estate on the principal’s behalf. With an executed power of attorney, the agent may exercise their authority without first consulting with the principal. Due to this risk, the principal should only grant real estate powers to someone who has proven themselves trustworthy. The powers can either be durable or non-durable depending on the option selected in the document (a non-durable POA will terminate if the principal becomes incapacitated).
- A power of attorney that grants the right to buy and sell land may be recorded at a County Clerk’s Office (§ 93.670). If recorded at the clerk’s office, the power of attorney stands a better chance of being accepted by financial institutions and other agencies when executing a deed or mortgage.
Signing Requirements – Not mentioned in state statutes; however, two (2) witnesses or a notary public acknowledgment is recommended.
Oregon General Power of Attorney – Entrusts an agent with general powers to control the principal’s finances and property.