Real Estate Terms Dictionary
Power of Attorney
Definition of 'Power of Attorney'
In real estate, the Power of Attorney refers to a legal document through which an individual can mandate an agent (Attorney-in-Fact) to represent him or her in all actions related to buying, selling or managing a property.
What is Power of Attorney:
The Power of Attorney can be partial (when the agent has limited powers) or general. Both the registration and the revocation of this document must be filed with the same government office (County Clerk or Deeds Office) and notarized. The agent should be asked to provide recording documents related to the transaction(s) in which he or she is taking place.
Here's a real-life example from one of the properties researched on PropertyShark:
In order to transfer the deed, property owner Naomi Verley mandated a second party, Franklyn F. Verley, to represent her. This was done through a Power of Attorney which was recorded on 8/13/1997.
The glossary is intended to provide real estate professionals and home buyers with a basic understanding of various specialized terms related to legal rights over a property. All terms appear in public records such as ACRIS. We do not take responsibility for the legal accuracy of the definitions provided and ask that use of these explanations in a legal setting be made only after checking with a lawyer or another specialist in the field.