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3 result(s) displayed (1 - 3):

November 07, 2011

General Power of Attorney

General power of attorney references a legal document that allows one person to engage in a myriad of personal and business financial transactions. It provides broad sweeping powers that essentially allow the agent to conduct nearly any type of activity for an extended period of time.

The person writing the general power of attorney is known as the Principal. They can only authorize their agent to engage in transactions related to property they personally own or to make decisions on their behalf.

Agents are referred to as the attorney-in-fact. This doesn't mean the person has to be a lawyer. Instead, it refers to the authorization they have to engage in transactions that have legal ramifications. For example, agents could apply for financing to buy a house in the Principal's name.

Real Estate Investing article on "General Power of Attorney"

November 01, 2011

Power of Attorney Form

A power of attorney form is used for all kinds of transactions that require one person to authorize another person to act as their agent. These forms are an essential component of estate planning, business operations, personal finance, and healthcare matters.

The kind of power of attorney form needed depends on what duties the agent is responsible for performing. For example, a limited power of attorney is used to provide agent privileges to do a specific task during a specific timeframe, while a durable power of attorney grants sweeping rights.

Two parties are involved with each type of POA. Principal refers to the person writing the document and Attorney-in-Fact refers to the person responsible for carrying out tasks. The attorney-in-fact doesn't have to be a lawyer. In fact, they are usually a spouse, relative, business partner, financial advisor, physician, or friend.

Real Estate Investing article on "Power of Attorney Form "

October 08, 2011

General Power of Attorney

A general power of attorney is a document that establishes legal authority for one person to make decisions on behalf of another person. These rights are broad and grant permission to engage in all sorts of personal and business transactions.

In order for a general power of attorney to be effective, it must be comprised of a Principal and Agent (also referred to as attorney-in-fact); witnessed by two individuals that are unrelated to the Principal; and notarized by a notary public.

Since the power of attorney grants sweeping rights, it is crucial to select an agent that is responsible and trustworthy. By law, agents have to be of legal age and not have any hindrances that would prevent them for exercising their POA privileges.

Real Estate Investing article on "General Power of Attorney "