Free General Power of Attorney Agreement Templates

Download the Free General Power of Attorney Agreement Template to help you draft your Power of Attorney Agreement. Moreover, you can also check out our collection of Employment Agreement Templates.

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 a person wants to nominate another person as the legal owner and responsible for his property, company, and 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