The power of Attorney form California Real Estate is a legal document which gives a person the legal authority to make decisions on property and real estate on behalf of the another.
When somebody wishes to secure their future investment in any real estate in California they can simply create this form and nominate a loyal person to become their agent. Ok, we are over-simplifying a little too much, but in essence there really is not much effort involved here.
An “agent” in this case is a name provided to the person who has been given the power of attorney and is called in official terms as the “power-in-fact”. The California state government has prepared and standardized specific norms for different counties and districts. These laws are specifically applicable in each of the distinctively types of power of attorney forms and are intended to protect both the issuer and the acting agent.
With the POA form Real Estate the agent becomes liable to perform all realty based bonds, contracts and deeds. They are allowed to deal with checks, drafts and mortgages and also send and receive money orders on behalf of the principle. The agent can settle and manage adjustments on any landed property of the donor which has been enlisted in the power of attorney form.
That’s just it. Part of the protections that are in place is that specific real estate investments have to be listed in the form in order for the agent to have legal authority to manipulate them
He may collect grants and housing rents if the property under consideration has been offered on hire. Although he has the right to sell the estate but this is subjected to the limitation imposed by the donor at the time off signing the form.
New realty contracts and agreements can be signed by both the donor and the agent but often property owners refrain from signing it off with the nominee. Expansion of contacts and writing treaties regarding land and home possessions is also allowed for the agent by the central governing board of California.
This form contains specific details to be filled in regarding which category of power the principle will to hand over to the agent. There is also an option for stock and securities, under which the agent can control the stock shares, sell and buy, and undergo security checks if required.
The POA Real Estate form, like a standard Power of Attorney California is applicable for anybody above 18 years of age whose will is to delegate rights on his real estate to another person. Examples of this form are available on the Internet for download.
We should caution though, that real estate holdings can be valued at the hundreds of thousands of dollars (and of course more) and could in certain instances involve the lives of tenants that may be involved. Not only should you create this contract with a loyal, trustworthy and ethical person, but we recommend you consult an attorney to ensure you are correctly dispatching your authority and not making any legal blunders.
The form itself is fairly simple and only legally requires two witnesses during the signing of the form and one authoritarian statutory supervisor (that would be a notary). The termination date of this power of attorney can also be fixed in the document in which case the agent would be liable to those rights only till the deadline.
It is clearly mentioned in the form that the power of attorney will be revoked if the principle expires or if the agent becomes ineffectual or incapacitated. An alternate agent or agents may also be suggested within the form during it’s creation who would be able to take actions only in absence of the primary agent.
Once the form is issued, must be kept in safe with the principle and several attested photocopies are to be kept with the agent and family members.