LIMITED POWER OF ATTORNEY
Limited power of Attorney ensures agent to have partial right
Free Limited Power of Attorney form is known to be an authorization form that is adopted by professional money management team and gives the authority to portfolio manager to offer certain functions to client that may include:
- Trading authorization
- Free-payment authority
- Disbursement authority
The word limited in Power of Attorney is often referred to fact that there are some functions that are only viable to account holder such as cash withdrawals, change of beneficiary etc.
The principal is responsible for listing down all matter on which the assigned agents will make necessary decisions, sign up documents and deliver proper instructions. The limited power of attorney only covers a single process which the principal is unable to perform due to illness or absence.
The principal is authorized to limit up the power of attorney for a certain period of time. This usually happens when the principal is absent for specified time frame. It is necessary to sign up contract in order to offer limited power of attorney and check out the details before offering contract to agent.
A specified time frame is decided for such contract. The document contains information related to accounts, negotiations and mechanisms on which the agent is assigned to operate. Printable real estate form is available which needs to duly filled and signed by principal to complete the process.
Most of limited powers of attorney consists of revocation clause in which principal is allowed to sign and mention date in order to avoid document and also ensure that the authority of agents come to an end.
STATE OF ________________________
COUNTY OF ________________________
LIMITED POWER OF ATTORNEY
BE IT KNOWN that ________________________ has made and appointed, and by these presents does make and appoint ________________________ true and lawful Attorney-In-Fact for him/her and in his/her name, place and stead for the following specific and limited purposes only:
Any and all purposes related in any way to the property described as:
<< LEGAL DESCRIPTION ATTACHED AS EXHIBIT “A” >>
also known by street address as ________________________.
Such purposes shall specifically include, but not be limited to contracting for the sale, optioning, lease, transfer or encumbrance of land of my real property or any part thereof. The terms of said contract shall be in accordance with the sole judgment of my Attorney-In-Fact.
Upon the sale of my property or any part thereof, I hereby direct the closing attorney or other closing agent (hereinafter “Closing Agent”) to address all proceeds of sale to ________________________ or ________________________ ‘s designee/assignee/nominee.
I hereby release from liability and obligation the Closing Agent concerning all instructions issued to the Closing Agent by my Attorney-In-Fact. I will not initiate or pursue any claims against the Closing Agent.
Nothing in this document shall be construed as a limitation upon the authority of my Attorney-in-Fact to act in my name, place and stead for any purpose related to the above-described property.
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.
giving and granting said Attorney-In-Fact full power and authority to do and perform all and every act and thing whatsoever necessary to be done in and about the specific and limited premises (set out herein) as full, to all intents and purposes, as might could be done if personally present, with full power of substitution and revocation, hereby ratifying and confirming all that said attorney shall lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, I hereunto set my name and official seal.
Person Granting Power
Sworn to and described before me this ______ day of _______________, 20____.
Witness Notary Public
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