A power of attorney refers to a written authorization to represent or act on another's
behalf in private affairs, business, or some other legal matter. Its a legal instrument
whereby one person gives another person the authority to act on his or her behalf as
his legal representative, and to make binding legal and financial decisions on his/ her
behalf. It is not necessary that a lawyer can only have Power of Attorney.
Examples of powers contained in PASome examples of legal powers contained in the Power of Attorney are the
following:
In Real Estate and Property TransactionsTo execute all contracts, deeds, bonds, mortgages, notes, checks, drafts,
money orders,
To manage, compromise, settle, and adjust all matters pertaining to real
estate.
To lease, collect rents, grant, bargain, sell, or borrow and mortgage
In ContractsTo enter into contacts,
Perform any contract, agreement, writing, or thing
To make, sign, execute, and deliver, acknowledge any contract, agreement,
Sale and Purchase of Stocks and Securities
To sell any and all shares of stocks, bonds, or other securities
To make, execute, and deliver any assignment, or assignments, of any such
shares of stock, bonds, or other securities.
Financial TransactionsTo add to or withdraw any amounts from any of my bank accounts,
Certificates of Deposit, Money Market Accounts, etc.
To make, execute, endorse, accept and deliver any and all cheques and
drafts
Execute or release such deeds of trust or other security agreements as may
be necessary
Deposit and withdraw funds, Acquire and redeem certificates of deposit, in
banks, savings and loan
Types of Power of AttorneyThere are two types of power of attorney; "general" and "special" (or limited).
In General Power of Attorney, the principal empowers the agent with the
right to carry out all legal acts on his behalf without restricting it to a particular
transaction or act.
In Special Power of Attorney, authority is restricted to act only on certain
matters or only a particular kind of transaction or to carry out a specific legal
transaction for the Principal.
Kindly note that sale of properties through general power of attorney (GPA) and sale
agreements (SA) has been barred in India by an order of Supreme Court
