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In some situations, it is necessary for the owner of a company to ask someone else to take his responsibility for a short period of time. When the primary owner transfers his legal rights and ownership to another person. It is known as the transfer of power of attorney. With the power of attorney, the new owner is the legal owner of the property or the company. He gets all the rights to conduct business on behalf of principal owner and whatever he does with the power of attorney and his ownership, the principal owner or the donor can’t file any case against him. This is a very delicate process so it is executed with great care and responsibility and a legal agreement is signed between the principal donor and the agent or the new owner and this agreement is known as the general power of attorney agreement.
Brief Description of General Power of Attorney Agreement:
It doesn’t seem right that why a person wants to nominate another person the legal owner and responsible of his property, company and his ownership but it is a fact that power of attorney plays a very important rule these days and there are certain situations when it is absolutely essential to have a power of attorney so that you don’t need to be responsible of your property. In order to understand this dilemma, suppose you work in a foreign country and you have property in your homeland that you want to sale. It is possible that your real estate agent finds a good buyer but it is not possible for you to come back and sign the documents to make the sale legal and authenticated.
In order to solve this problem, you will nominate your real estate agent or anyone else as the owner of your property and transfer the power of attorney to that person. This way without your presence, that new owner can deal on your behalf. But, it is also possible that the new owner will take some wrong actions for his own benefits and if you have signed the legal power of attorney, you can’t do anything to stop him so it is necessary to sign a legal general power of attorney agreement with him that will stop him and limit his rights to use on your behalf.
Key Elements to add in the General Power of Attorney Agreement:
- Name of the owner/company/the person who is giving power of attorney
- Client/Transferee who will receive power of attorney
- Lawyer/legal adviser/legal representative
- Name of the witnesses for legal transfer of power of attorney
- Details of power of attorney including property/transferable item details
- Explanation of rights, obligations and jurisdiction of transferee
- Validation of the agreement
- Terms and conditions of the agreement
- Mutually agreed clauses of the agreement
- Termination of the agreement
- Results of violation of the agreement
- Validation and limitations of the agreement
- Signature of both parties and witnesses
Free General Power of Attorney Agreement Templates
Download all these Free General Power of Attorney Agreement Templates that can easily help you to prepare your own General Power of Attorney Agreement effectively.