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In some situations, a company owner must ask someone else to take responsibility for a short period. 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 the 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, the agent, or the new owner. 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 as the legal owner and responsible for his property, company, and his ownership but it is a fact that power of attorney plays a very important role these days and there are certain situations when it is essential to have a power of attorney so that you don’t need to be responsible for your property. To understand this dilemma, suppose you work in a foreign country and you have a property in your homeland that you want to sell. Your real estate agent may find a good buy, but you can’t come back and sign the documents to make the sale legal and authenticated.
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, the new owner can deal on your behalf. But, it is also possible that the new owner will take some wrong actions for his benefit 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 to the General Power of Attorney Agreement:
- Name of the owner/company/the person who is giving power of attorney
- Client/Transferee who will receive the power of attorney
- Lawyer/legal adviser/legal representative
- Name of the witnesses for the 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 the Free General Power of Attorney Agreement Template that can easily help you to prepare your own General Power of Attorney Agreement effectively.