{"id":883,"count":1,"description":"\r\nJump to:\r\nWhat is power of attorney?<\/a>\r\nWhat types of POA are there?<\/a>\r\nWhat is general power of attorney (GPOA)?<\/a>\r\nWhat is limited power of attorney (LPOA)?<\/a>\r\nWhat is special power of attorney?<\/a>\r\nWhat is durable power of attorney?<\/a>\r\n\r\n\r\nWhat is power of attorney?\r\n\r\nA power of attorney (POA), also referred to as a letter of attorney, is a written authorization that grants a person or entity to act on behalf of another. This authorization is between a \u201cprincipal\u201d and an \u201cattorney in fact.\u201d\r\n- the Principal authorizes the \u201cattorney in fact\u201d to act on his\/her behalf (\u201cgives powers of attorney\u201d)\r\n- the \u201cattorney in fact\u201d can be a person or an entity and is not necessarily an actual attorney\/lawyer. However, the \u201cattorney in fact\u201d is a fiduciary of the principal and acts as an agent.\r\n\r\n\r\nWhat types of POA are there?\r\n\r\nPowers of attorney can be general, limited or special.\r\n\r\n\r\nWhat is general power of attorney (GPOA)?\r\n\r\nThis allows an Agent (\u201cattorney in fact\u201d) to take legal actions on behalf of the Principal, can open or close bank accounts in the Principal\u2019s name, buy or sell stock, etc.\r\n\r\n\r\nWhat is limited power of attorney (LPOA)?\r\n\r\nThe powers that a Principal grants can be tailored by placing restrictions in the general power of attorney. For example, a property management power of attorney can allow the Agent to pick and sign tenants to the property and handle transaction documents directly, but keep certain functions exclusive to the Principal \u2013 such as selling property or a change of beneficiary.\r\n\r\n\r\nWhat is special power of attorney?\r\n\r\nThis is a form of LPOA that applies to very specific circumstances and tasks. A Principal may create more than one, each to a different Agent per task.\r\n\r\n\r\nWhat is durable power of attorney?\r\n\r\nGenerally, a POA is no longer valid in the event that the Principal is in any way incapacitated. However, if it is specified that the POA is durable, the Agent will continue to act on behalf of the Principal even after that.\r\nThere are two kinds of durable POAs:\r\n- Financial, which allows the agent to manage the Principal\u2019s financial affairs\r\n- Health, which allows the Agent to make medical decisions for the Principal\r\n\r\n\r\nYou might also be interested in:\r\n\r\n \tWhat is a Certificate of Occupancy (C-of-O)?<\/a>\r\n \tWhat is a contiguous lot?<\/a>\r\n \tWhat is a contingent offer\/contingent sale\/contract contingency?<\/a>\r\n\r\n\r\n\r\nSearch other terms\r\n\r\n\r\n\r\nA<\/a>\r\nB<\/a>\r\nC<\/a>\r\nD<\/a>\r\n\r\n\r\nE<\/a>\r\nF<\/a>\r\nG<\/a>\r\nH<\/a>\r\n\r\n\r\nI<\/a>\r\nJ<\/a>\r\nK<\/a>\r\nL<\/a>\r\n\r\n\r\nM<\/a>\r\nN<\/a>\r\nO<\/a>\r\nP<\/a>\r\n\r\n\r\nQ<\/a>\r\nR<\/a>\r\nS<\/a>\r\nT<\/a>\r\n\r\n\r\nU<\/a>\r\nV<\/a>\r\nW<\/a>\r\nX<\/a>\r\n\r\n\r\nY<\/a>\r\nZ<\/a>\r\n\r\n\r\n\r\nPopular terms\r\n\r\n\r\n\r\nAmortization<\/a>\r\n\r\n\r\nEquity <\/a>\r\n\r\n\r\nNotary Public <\/a>\r\n\r\n\r\nProgression\/Regression<\/a>\r\n\r\n\r\nAcquisition <\/a>\r\n\r\n\r\nAnnuity <\/a>\r\n\r\n\r\nAsset <\/a>\r\n\r\n\r\nFiduciary <\/a>\r\n\r\n\r\nInflation <\/a>\r\n\r\n\r\nContingency <\/a>\r\n\r\n\r\nEscrow<\/a>\r\n\r\n\r\nPower of attorney <\/a>\r\n\r\n\r\nReal Estate Agent <\/a>\r\n\r\n\r\nEminent Domain <\/a>\r\n\r\n\r\nLiability <\/a>\r\n\r\n\r\nStatute of Limitations<\/a>\r\n\r\n\r\nValid <\/a>\r\n\r\n\r\nVariance<\/a>\r\n\r\n\r\nContiguous <\/a>\r\n\r\n\r\nDeficit<\/a>\r\n\r\n\r\n\r\n","link":"https:\/\/www.commercialcafe.com\/blog\/tag\/cre-term-power-of-attorney\/","name":"Power of Attorney","slug":"cre-term-power-of-attorney","taxonomy":"post_tag","meta":[],"yoast_head":"\nWhat is Power of Attorney? - Commercial Real Estate Dictionary<\/title>\n<meta name=\"description\" content=\"A power of attorney (POA), also referred to as a letter of attorney, is a written authorization that grants a person or entity to act on behalf of another. 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