A power of attorney is a special type of agency created by a written instrument that authorizes another to act as one’s agent. The agent named in the power of attorney is referred to as the attorney in fact.
A power of attorney may be a special power of attorney, authorizing the attorney in fact to act for the principal with regard to specific transactions; or, it may be a general power of attorney, authorizing the agent to act on behalf of the principal in all matters.
As a general rule, a written power of attorney is required to allow an agent to transfer real estate on behalf of the principal. See Exhibit 1-1 for an example of a special power of attorney and Exhibit 1-2 for an example of a general power of attorney.
A durable power of attorney is a special type of power of attorney that is designed to continue for certain purposes even after the illness or incapacity of the principal.
EXHIBIT 1-1 SPECIAL POWER OF ATTORNEY FORM SAMPLE
I, __________________ [name of principal], the undersigned, of _________________________ [address], hereby make, constitute, and appoint ____________ ________ [agent], of __________________________________ [address], to be my attorney in fact to act in my place and stead with regard to the following:
[Specific transactions or type of transactions]
The rights, powers, and authority hereby given to my attorney in fact to act on my behalf shall commence and be in full force and effect on ______________________ [date], and shall remain in full force and effect until ________________________ [date], or unless specifically extended or rescinded earlier by either party.
Dated:
________________________________
[Signature]
[Acknowledgment]
EXHIBIT 1-2 GENERAL POWER OF ATTORNEY FORM SAMPLE
I, [name of principal], the undersigned, of [address of principal], do now make, constitute, and appoint [name of agent], of [address of agent], my true and lawful attorney in fact, in my name, place, and stead, giving my attorney in fact full power to do and perform all and every act that I may legally do through an attorney in fact, and every proper power necessary to carry out the purposes for which this power is granted, with full power of substitution, revocation, ratifying and affirming that which attorney in fact or a substitute shall lawfully do or cause to be done by an attorney in fact or a substitute lawfully designated.
[OPTIONAL: This power ends at [time of termination] on [date of termination].]
Dated: [date of execution]
[Name of principal]
[Acknowledgment]
EXHIBIT 1-3 SAMPLE DURABLE POWER OF ATTORNEY
I, GARY HARDING, of 4785 Elm Street, Maplewood, Maine, appoint BRANDON
HARDING, my brother, of 875 Elizabeth Avenue, Baldwin, Maine, my attorney
in fact, in my name, place, and stead, and for my use and benefit to act on my
behalf to do every act that I may legally do through an attorney in fact.
This durable power of attorney shall not be affected by any disability on my
part, except as provided by the statutes of Maine. The power conferred on my
attorney in fact by this instrument shall be exercisable from May 14, 2010, notwithstanding
a later disability or incapacity on my part, unless otherwise provided
by the statutes of Maine.
All acts done by my attorney in fact pursuant to the power conferred by this
durable power of attorney during any period of my disability or incompetence shall
have the same effect and inure to the benefit of and bind me or my heirs, devisees,
and personal representatives as if I were competent and not disabled.
This durable power of attorney shall be nondelegable and shall be valid until
such time as I revoke this power.
Dated: May 14, 2010
______________________________
Gary Harding
[Acknowledgment]
Very Nice Post. This information will increase more and more people to know about power of attorney form.
ReplyDeleteThanks!!