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October 15, 2011
A special power of attorney lets a person engage in specific transactions on behalf of another person. The POA form provides directives regarding the transaction, as well as the date privileges expire.
Common reasons for executing a special power of attorney include authorizing an agent to conduct banking transactions, control financial investments, make business decisions, and buy, sell or trade personal or business assets.
Real estate investors often use this kind of power of attorney to let realtors buy or sell investment properties. Another use is to authorize property management groups to collect rent, conduct background and credit checks, file eviction claims against tenants, or engage in repairs for rental properties.