Power_Of_Attorney_Power_Packs_In_A_Paper by zhucezhao

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									Power Of Attorney Power Packs In A Paper

Word Count:
493

Summary:
The Power of Attorney is a very powerful legal document. Countless
business transactions have been accomplished when a principal legally
authorize an agent through the power of attorney to conduct his affairs
in his behalf.


Keywords:
power of attorney, legal forms


Article Body:
The Power of Attorney is a legal document voluntarily entered into by two
parties and duly certified by a notary public, usually a lawyer. The
first and second party in the Power of Attorney are: the Principal and
the Agent,respectively. In the power of attorney, the principal appoints
the agent to perform a task in a legal capacity in his lieu.

The power of attorney empowers the agent to act upon any legal
circumstance necessary of the principal, mostly if the latter cannot
conduct with others, his legal affairs in person. This scenario happens
in most cases, when the principal is gone from his domicile or away on a
business trip for a lengthy period; or worse, if the principal is ill.

The power of attorney likens the agent as that of an employee as well as
representative of the principal. Another popular term for the authorized
agent in a power of attorney is Attorney-in-Fact.

The principal and agent who execute an agreement such as the power of
attorney could either be an individual, partnership, or corporation.
Both parties who execute the power of attorney should of course, possess
legal capacity which means that parties must be 18 years of age or older
and of normal mental capability.

When the principal authorize the agent in the power of attorney, the
agent does act within the scope of the legal agreement. Therefore, the
principal is also responsible for the acts that the agent entered into,
in his behalf. In the exercise of the power of attorney, the agent is
entitled to payment for services rendered and reimbursement for some of
his expenses.

A most common use for the power of attorney is when the principal enters
into a transaction such as the purchase of a real estate property. The
agent, by virtue of the power of attorney, deals with the company, or
owner of the property until the sale is consummated. Thus, the agent pays
for and signs all the legal documents necessary (such as purchase
application form, contract to sell, deed of restriction, etc.) for the
business venture between the principal who is the buyer, and the property
owner who is the seller.

Normally, the power of attorney is revocable or can be cancelled at any
time. As such, the principal has only to accomplish the revocation of the
power of attorney and again, have the cancellation duly certified by a
notary public. The power of attorney also becomes null and void upon the
death of the principal.

The role of the notary public in the power of attorney is vital and akin
to a third force. The power of attorney becomes a legal instrument only
if the notary public or solicitor, has certified the power of attorney to
be so. The notary public then has to furnish copies of the notarized
power of attorney to the concerned government agency that requires it.
Thereafter, the power of attorney becomes a legal public document.

								
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