Power of Attorney 2 -Appointment of Property Manager with LP

Appointing a property manager for your estate

For those who have a large estate but very little time to manage it things can be really confusing. There are many decisions about the real estate that need to be taken on a daily basis. But due to lack of proper time these decisions either keeps getting delayed or are taken in a hurry. This causes many problems and conflicts in the long run. That’s why it is better to transfer the power of attorney to a trusted person who can take the right decisions on your behalf. This will allow you to focus on other important matters.

The trend of giving someone else the power of attorney has become very popular. Most of the people who do not get enough time to take care of their estate and take legal decisions related to it give the right to do so to a trusted and qualified person. While some select a close relative or friend for this, many are appointing property managers these days. You hire a well educated person with proper knowledge of the real estate market to have the right to take decisions on your behalf. First of all you will have to find such person that you can trust. It is not as difficult as it sounds. After that you will transfer the power of attorney to that person with proper legal procedure. It is always a good idea to hire a lawyer for this kind of things, but you can also just download the necessary paperwork from the internet.

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Appointment of Property Manager
With Limited Power of Attorney

Property Address: ___________________________________________________________________________

Effective immediately and permanently unless rescinded in like manner, please be advised that I/We have appointed _________________________________________ as Property Manager and Attorney-In-Fact for the above-referenced property.

I/We hereby grant to my/our Attorney-In-Fact full authority to act in my/our name, place and stead regarding all matters related to the above-referenced property and more specifically described in Exhibit “A”, included herein by reference (hereinafter called “Property”).  Please direct all future correspondence for this account to:

_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________

or to such other points of contact as may be specified in the future by my/our Attorney-In-Fact.

You are hereby instructed to follow all directions from my/our Attorney-In-Fact in the same manner in which you would follow directions issued directly by me/us.  The Attorrney-In-Fact shall specifically be authorized to act in my/our name, place and stead with regards to all debt secured by the Property, and all insurance on the Property.

My/Our Attorney-In-Fact is hereby specifically given the authority to sell, lease or otherwise convey the Property, and to direct the proceeds of such sale, lease or conveyance as determined by my/our Attorney-In-Fact’s sole judgement.

My/Our Attorney-In-Fact shall have the right to appoint third parties to assist or replace him/her without further consent from me/us.  Such appointment shall be effective upon your receipt of my/our Attorney-In-Fact’s notarized written direction of appointment.  Such appointees shall have the same authority as original Attorney-In-Fact as herein described

Powers Given with Respect to the Property:

1.    Accept as a gift or as security for a loan or reject, demand, buy, lease, receive, or otherwise acquire an interest in the Property or a right incident to the Property.

2.    Sell, exchange, convey with or without covenants, quitclaim, release, surrender, mortgage, encumber, partition, consent to partitioning, subdivide, apply for zoning, rezoning, or other governmental permits, plat or consent to platting, develop, grant options concerning, lease or sublet, or otherwise dispose of the Property or a right incident to the Property.

3.    Release, assign, satisfy, and enforce by litigation, action, or otherwise a mortgage, deed of trust, encumbrance, lien, or other claim to the Property that exists or is claimed to exist.

4.    Do any act of management or of conservation with respect to the Property, or a right incident to the Property, owned or claimed to be owned by the principal, including power to:

(A)    insure against a casualty, liability, or loss;
(B)    obtain or regain possession or protect the interest or right by litigation, action, or otherwise;
(C)    pay, compromise, or contest taxes or assessments or apply for and receive refunds in connection with them; and
(D)    purchase supplies, hire assistance or labor, or make repairs or alterations in the Property;

5.    Use, develop, alter, replace, remove, erect, or install structures or other improvements on the Property.

6.    Participate in a reorganization with respect to the Property or a legal entity that owns an interest in or right incident to the Property, receive and hold shares of stock or obligations received in a plan or reorganization, and act with respect to the shares or obligations, including:

(A)    selling or otherwise disposing of the shares or obligations;
(B)    exercising or selling an option, conversion, or similar right with respect to the shares or obligations; and
(C)    voting the shares or obligations in person or by proxy;

7.    Change the form of title of an interest in or right incident to the Property.

8.    Dedicate easements to public use, with or without consideration.

9.    Enter into real estate listing agreements offering the Property for sale at any price on any terms and with any commission agreement.

10.    Contract to sell the Property for any price on any terms.

11.    Contract to lease the Property for any price on any terms.

12.    Execute and deliver any legal instruments relating to the purchase or sale and conveyance or lease, including but not limited to general and special warranty deeds binding Principal with vendor’s liens retained or disclaimed as applicable or transferred to a third-party lender, affidavits (e.g., federal tax statements), notices, disclosures, waivers, and designations.

13.    Accept and/or execute notes, deeds of trust, and other legal instruments.

14.    Approve closing statements authorizing payments and/or deductions from the sale price.

15.    Receive Principal’s net sales proceeds by check payable to Principal or Agent.

16.    Receive, endorse and deposit into an account either in the name of the Principal or Agent any checks resulting from an insurance claim on the Property, whether or not the check is made out to Principal or Agent or both.

17.    Receive, endorse and deposit into an account either in the name of the Principal or Agent any money received for rents or other moneys relating to the Property, including, but not limited to, refunds of escrow deposits held by a lender, whether or not the check is made out to Principal or Agent or both.

18.    Indemnify and hold harmless any third party who accepts and acts under this power of attorney.

19.     Do everything and sign everything necessary or appropriate to accomplish the powers set out

Nothing in this document is to be construed as a limitation upon the authority of my/our Attorney-In-Fact to act in my/our name, place and stead for any purpose related to the above-referenced property.  All parties acting on instructions from my/our Attorney-In-Fact are hereby released from any and all liability resulting from your compliance with such instructions.

The power granted herein is for the convenience of my Attorney-In-Fact.  I hereby waive any and all fiduciary responsibility that would otherwise be conveyed by the granting of the power as described herein.

Signed, sealed and delivered in the presence of:

_______________________________(Seal)    _____________________________(Seal)
Person Granting Power                Person Granting Power

On _________________, 20____, before me, ___________________________________, a notary public in and for said state personally appeared ______________________________________________________________, personally known to me (or proved to me based on satisfactory evidence) to be the person(s) whose name(s) are subscribed to the within instrument and acknowledged that (s)he/they the same in his/her/their signature on the instrument the person(s) or entity on behalf of which they acted, executed the instrument.

____________________________________
Signature of Notary                        [SEAL]