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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"