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

In commercial real estate transactions, powers of attorney are used to delegate authority to another party. The most common types of powers of attorney used in Kansas are general powers of attorney, special powers of attorney, and durable powers of attorney. General power of attorney is the broadest type of power of attorney, and it gives appointed representatives the right to act on behalf of the grantor in all areas of business. It is used to give someone else the authority to sign documents on behalf of the grantor, such as closing documents. Special power of attorney is more limited than general power of attorney and only grants authority to act in certain specific situations. It is often used in commercial real estate transactions to give someone the authority to sign paperwork to purchase, sell, or lease real estate on behalf of the grantor. Durable power of attorney is used when the grantor wants the authority to remain in effect even if the grantor becomes incapacitated or disabled. This type of power of attorney allows the designated representative to make decisions regarding the grantor’s real estate when the grantor is unable to do so. In commercial real estate transactions in Kansas, all three types of power of attorney may be used depending on the specific needs and circumstances of the transaction. It is important that the grantor understand the type of power of attorney they are granting and the powers it gives to the designated representative, so they can ensure that their real estate interests are legally protected.

Related FAQs

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

Related FAQs

Related Blog Posts