Grant a power of attorney

A Power of Attorney (POA) is a legal and written document that allows you to appoint any other person or any organization to handle your business affairs when its  needed to Grant a power of attorney.

The person appointed referred to as an agent, or attorney-in-fact, and the person who appoints is known as the Principal.

This power of attorney is also known as a Letter of attorney. There are several types of power of attorney that can be used for a different purpose.

POAs are powerful documents that authorize someone to make important decisions about your family, finances, and healthcare, even when you can’t make them consciously

The notarial credentials of a power of attorney include the signature of the person’s signature and the validation of the content of the document.

The power of attorney needs to be explicit.

The property must be described in detail as location, quadrature, the basement or ceiling, the common parts of the building, the right of construction or the yard.

You must indicate whether the authorized person has the right to negotiate the terms of the notarial deed, whether he has the right to receive the sale price, and so on.

Grant a power of attorney

TIP: Read carefully the documents  & power of attorney before you sign them.

Do not authorize people you do not know or trust in a case of grant a power of attorney

A power of attorney is a document to be signed only by the party issuing it, that is, the authorized person does not undertake to perform the assignment.

To make arrangements for this, you need an additional contract signed by both parties.

A power of attorney is required when the owner of a real estate wants to dispose of (sell, donate, replace, transfer over viewing and maintenance, establish a right in rem, etc.).

According to the legal requirements in a power of attorney of this type, it is necessary to have a description of the specific properties to which it refers.

For this reason, carry and submit a document of ownership to the notary in order to make the document true.

It is still debatable whether the sale price should be explicitly stated.

The power of attorney for disposal of a real estate may be temporary or indefinite, but together with it 2 signatures are signed. declarations –

The first is under Art. 264, para. 1 of the Tax law- with which the person declares that there are no outstanding obligations for taxes, duties and obligatory insurance contributions, which have not been extinguished;

The second declaration – the one under Art. 25, para. 8 of the Notary act is for citizenship and civil status.

The first statement is valid for 6 months, so even if the power of attorney is indefinite, the declaration must be renewed – signed and authenticated again before a Notary.

Validity of the power of attorney

The validity of the power of attorney is determined by the authorizing person, but it also depends on various factors, especially those in practice.

There are several ways to determine the validity of the power of attorney.

In order to determine its validity, the power of attorney may contain any of the texts listed below.

(Third countries, authorities and individuals (notably banking institutions and notaries) to whom the power of attorney will be addressed have the right to set their validity requirements on a time-limit.)

1. The power of attorney shall record the period of its validity by the authorizing officer.

2. The power of attorney is valid until the designated action for which it has been issued.

3. Power of attorney applies until it is withdrawn by the Authorizing Officer (but not more than 10 years from the date of issue).

4. Power of attorney is indefinite. (but no more than 10 years from the date of issue).

Termination of the power of attorney

The power of attorney shall terminate upon one of the following:

1. The authorizing officer shall withdraw the power of attorney.

2. The authorized person shall refuse to execute it.

3. The term specified in the power of attorney has expired as a term of validity.

4. With the death of one of the parties under the power of attorney.

5. With the seizure of the document by a body of authority or its detention as a written proof by a notary and others. (Here the document is valid but can not be used by the authorized person).

Important facts about the power of attorney

1. The power of attorney shall be valid only in the original. If the original of the power of attorney is not presented, it may be assumed that it was withdrawn by the authorizing officer.

2. The notarial power of attorney is the most commonly falsified / falsified document. We remind you that this act is being prosecuted and punished by the law enforcement and judicial authorities.

Withdrawal

To withdraw a notarized power of attorney, please contact the notary who certified it.

The withdrawal of the power of attorney shall be by several means, depending on the reason for the withdrawal.

What are the relationships between the parties; is there a danger of abuse? what volume of rights (types of rights) contains the power of attorney; and others.

Tip : If the power of attorney is entitled to operate a bank account, first notify your bank to note this fact in your bank account.

Types of power of attorney

There are generally two types of POA which are as follows:

1.General Power Of Attorney (GPA)- A General Power Of Attorney that gives all the powers and rights to your attorney-in-fact to manage all financial decisions including properties, paying bills, making the investment and any financial transaction that will be conducted on your behalf.

This is a position of significant trust.

2. Special or Limited POA (SPA)- A special or limited POA gives the power to an agent to manage financial, investment and banking matters.

For example, Special POA gives any person the right to sign a deed to the property for you on a day, when you are not present at that time.

– Re-authorizing. It is issued on the basis of a notarized power of attorney in which it is explicitly stated that the authorized person has the right to re-authorize other persons (to grant the rights under this power of attorney to third parties, in whole or in part).

Types of powers of attorney according to Notary Tariff

1. According to the number of delegates (signers).

2. By type of authorization and re-authorization.

3. According to the number of redeployed persons, and as such, the redeployed person is the proxy. Cumulatively with the following conditions.

4. According to the type of power of attorney and from the point of view of the LNHM Notary Public:

– usually;
– for lease;
– for the acquisition, sale, exchange, division of real estate (in the case of transfer or establishment of real rights over immovable property);

-repowering.