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).
Signing Requirements (§ 93.670) – Notary acknowledgment is necessary for the agent to be able to record conveyances of land. Two (2) witnesses can also sign their affirmation to further validate the document.
Oregon General Power of Attorney – Entrusts an agent with general powers to control the principal’s finances and property.