What type of powers of attorney are used in commercial real estate transactions?

In commercial real estate transactions, Powers of Attorney (POAs) are used to give someone, who is referred to as the “attorney-in-fact,” the right to act on behalf of another person, also known as the “principal.” The attorney-in-fact is typically responsible for executing documents and making decisions related to commercial real estate transactions. In California, there are two primary types of Powers of Attorney used in real estate transactions. The first type is a limited power of attorney. This type of POA grants the attorney-in-fact authority to act on the principal’s behalf only in limited circumstances, such as to sell a property or execute certain documents. The second type is a general power of attorney, which gives the attorney-in-fact full control over the principal’s property. It is important to note that a Power of Attorney must be properly executed in order to be legally binding. This means that the document must be signed in front of a notary public and that the principal must declare that they understand what they are signing. It is also important to note that a power of attorney can be revoked by the principal at any time. Overall, Powers of Attorney are essential documents in commercial real estate transactions in California. By granting someone the ability to act on behalf of another, the process of acquiring and transferring ownership of property is made much simpler.

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What type of powers of attorney are used in commercial real estate transactions?

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