Property Manager · Collinsville, IL · Member since 2008 · 35 posts · 0 votes
I have been requested to bid on, puchase and close on properties obo several investors who reside elsewhere. I would think that this requires some sort of "Limited" POA detailing specifics of time frame, properties, $ amounts, etc in order to protect the investors. Also, I would like something written in the agreement to limit my liability, while performing these duties.
Are there FREE Forms that can be downloaded or does anyone have recommended sites that they have used to purchase required legal forms?
Any other suggestions/recommendations/cautions WELCOMED!
We don't carry a Power of Attorney form, and I haven't been able to find one, either. That said, you can get one from one of our partners: US Legal Forms.
Just go to real estate forms and you'll see Power of Attorney as one of the various options available.
Good luck!
If someone finds a free one, let us know and we'll share it.
$200+ dollars later, my attorney is drafting the Limited POA and General Partnership Agreement.
I do have a followup question regarding liability and protection:
Does anyone have thoughts on if its okay to start out with just a large insurance umbrella policy, in addition to my standard policy and General Liability Policy and then once we get several properties under our belt consider incorporating for better protection???????
How are others who are in General Partnerships investing in real estate protecting themselves?