A power of attorney (POA) is a legal document that lets a person appoint authorised representative to handle financial or legal matters on his behalf. The person appointing authorizing the other to act on their behalf is referred to as the principal, grantor, or donor. The person appointed/ authorized to act is the agent or representative or an attorney holder. With a POA, the appointed person will be legally permitted to take care of important matters of the Principal and on behalf of the Principal, including managing legal matters in consultation with legal advisors, manage transaction on behalf of the Principal.
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The extent of the power granted under the POA can be defined in the document i.e. limited purpose for single financial/ compliance transaction or ongoing for the purpose of legal matters.
This appointment/ authorization can take effect immediately after the execution of the POA document. Typically in case of financial, transactional, reality or legal matters, given the protracted list of documentary compliances to be complied with, a POA plays an important role in reducing the involvement of the Principal as well as avoid unnecessary logistical costs.
Essential Elements
Soundness of Mind:
The person signing the document must be mentally competent. In addition, he or she must be acting by choice, without undue pressure from anyone.
Legal Documentation:
The POA must be notarized/ passed under a Board Resolution for company affairs/ signed by witnesses.
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A power of attorney (POA) is a legal document that lets a person appoint authorised representative to handle financial or legal matters on his behalf.
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In real estate business and law, a ‘title search’ or ‘property title search’ is the process of retrieving documents evidencing events in the history of a piece of real property
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A power of attorney (POA) is a legal document that lets a person appoint authorised representative to handle financial or legal matters on his behalf.