A power of attorney is a legal document that gives someone else legal ability to enter into transactions and sign documents on your behalf. Another person’s signature is legally effective to the same extent as though you had signed the document. There are legal requirements, though, for properly utilizing a power of attorney with property transactions.
The objective of the power of attorney is to allow somebody else, called the lawyer or attorney actually, to meet the administrative role of entering into agreements for you so that you don’t have to register every document. Your lawyer in fact is basically a legal copy of you. He can bind you to authorized contracts and also sign your title on property conveyance documents.
People benefit in a lot of ways by utilizing power of attorney documents for property transactions. 1 benefit permits you to plan for incapacitation or psychological inability to look after your property. By way of example, if you are hurt in an accident and not able to handle your financial affairs, then a power of attorney gives someone else the ability to intervene and look after your property for you. Another benefit takes advantage of somebody’s experience. You are able to name a professional, such as a real estate agent or attorney, who has experience in the real estate market. Ultimately, a power of attorney offers advantage since it allows you to complete transactions without requiring your existence.
A power of attorney could get you in trouble if it had been used inappropriately. Whenever your agent signs for your benefit, the power of attorney binds one to whatever she signals. You could be liable or legally accountable for transactions, mistakes or perhaps negligence that you weren’t even conscious of. For that reason, you have to choose carefully a person you trust to behave together with your power of attorney.
A power of attorney is basically a contractual document, which means you can control the full extent of the powers given to your attorney in fact. Some powers of attorney are general and leave all things to the discretion of the lawyer in fact. But most powers of attorney expressly limit the powers of the attorney in fact. A slimmer power of attorney will be safer since it limits what the attorney actually can bind you to.
California law requires that all property transaction documents generally must be recorded. Recording requires that the signatures on the document be confirmed or acknowledged by a notary public. The notary will require a copy of the power of attorney form before she’ll confirm or admit the attorney in fact’s signature on the document. Additionally, the county recorder will require that a copy of the power of attorney form be recorded together with the real estate transaction document.