Power Of Attorney Flashcards
What is a power of attorney (POA)?
It is a written instrument authorizing a person (attorney-in-fact) to act on behalf of another person (principal).
This is an agency relationship.
Attorney in fact Is the agent for the principal.
The POA can include all powers of the principle (general) or limited powers of the
Principal (special).
What types of POAs are there?
1) GENERAL POA unlimited authority to act from the principal. In a general POA , the agent is a universal agent
2) . SPECIAL POA. Limits authority given to attorney-in-fact.the limitation can be drafted in any way. Limited to specific transaction, specific amount of time, or for specific reason. The agent is a special agent
3) . DURABLE POA. Is effective even upon the principal’s incapacity, disability or incompetence
What must a POA do to transfer real property?
The POA must be recorded if property is registered in LAND Court
If recorded in the REGULAR SYSTEM the POA Should be recorded.
Escrow will require the POA IN Land Court OR Regular System.
