power of atty

What is a power of attorney

A Power of Attorney is a legal document which is drawn out so another person can act on behalf of you. A legal relationship is created wherein the principal is you and the person who is appointed is the agent or the attorney in fact. A Power of Atty specifies the kind of powers that your attorney in fact is given. These powers can be broad or limited. For example, when you are selling your property of some kind but are unable to be present, in such cases your attorney in fact can act on your behalf and sign on your behalf.

However, certain financial institutions like brokerage firms or banks have their own forms; they do not accept any other document. Then again, a lawyer might be able to convince them to accept your document.

Durable-

Most Power of Atty’s are durable. The word is specifically mentioned in the document which means that the agent can use the power of attorney even if you are unable to handle your own affairs or are not in a condition to give him/her any kind of instructions; for example, in the event of some kind of disability or incompetence.

The Power of Attorney document requires the signature of both parties and needs to be legally notarized.

Springing-

Some people might prefer to use a springing Power of Attorney. This takes effect only if a specific event takes place, for example, your disability of some kind. However, this does become a little problematic as the agent will need an affidavit which shows that such an event has actually happened.

Power Of Atty

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Sample Template Preview

—–[Space Above Reserved for Recording Purposes]———

Limited Power Of Attorney
KNOW ALL MEN BY THESE PRESENTS:

THAT,

I,______________________________________________________________________, of the County of _______________________ State of _________________________________, reposing special trust and confidence in______________________________________________ (hereinafter “Agent”), of the County of _______________________, State of _______________________
have made, constituted and appointed, and by these presents do make, constitute and appoint said Agent to be my true and lawful attorney-in-fact, to act for me and in my stead, and to sell, convey otherwise deal with the following property (enter legal description below):

or any interest in said land for such price as to my agent may seem advisable.
My agent is hereby authorized to sign, seal and deliver as my act and deed any contract, deed, lease, option or other instrument in execution of any agreement for sale made by me or my agent, in such manner that all my estate, right, title and interest in said land may be effectually and absolutely conveyed and assigned to the purchaser thereof, his, her, or its heirs, successors and assigns forever, or to such other person or entity as purchaser may name or appoint; and I hereby declare that any and all of the contracts, deeds, receipts or matters, and things which shall be by my said agent given, made or done for the aforesaid purposes shall be as good, valid and effectual as if they had been signed, sealed and delivered by me in my own proper person; and I hereby undertake at all times to ratify whatsoever my said agent shall lawfully do or cause to be done in or concerning the premises by virtue of these presents. My agent is hereby further authorized to receive the consideration or purchase price arising from the sale of such land or any interest therein, and to give good receipt therefore, which receipt shall exonerate the person paying such money to my agent from looking to the application, or being responsible for the loss or misapplication thereof. If said consideration should be paid by check or draft, my said agent is hereby authorized to endorse and cash said check or draft and collect the proceeds thereof, whether the same be made payable to me or to my agent, as my attorney-in-fact. My agent may contact and lender, lien holder or government authority regarding money or other obligations owed regarding the property and may further execute any and all documents necessary to correct any deficiency in previously executed documents regarding the ownership or sale of the property.  My agent may also negotiate, settle and accept proceeds from any insurance claim on the property.

IN WITNESS WHEREOF, I have hereunto set my hand and seal this ______ day of ______________, 20 ______.

Full Name of Principal ___________________________________

Signature of Principal ____________________________________

STATE OF                         )
)ss:
COUNTY OF                )

On   ___________,  20 ___ , before me, ________________________, a notary public in and for said state personally appeared _____________________________, personally known to me (or proved to me based upon satisfactory evidence) to be the person(s) whose name(s) are subscribed to the within instrument and acknowledged that (s)he/they executed the same in his/her/their signature on the instrument the person(s) or entity on behalf of which they acted, executed the instrument.

Witness my hand and official seal

                                                                                                                          NOTARY SEAL

___________________________
NOTARY PUBLIC
My commission expires ________________