Real Estate Terms Dictionary
Revocation of Power of Attorney
Definition of 'Revocation of Power of Attorney'
The Revocation of Power of Attorney in real estate is a legal document used by the signatory of the Power of Attorney to cancel the powers granted to the agent (Attorney-in-Fact).
What is the Revocation of Power of Attorney:
The main reasons behind a Power of Attorney being canceled are:
- The Power of Attorney is no longer necessary;
- The Agent is no longer trusted;
- A better suited candidate was found to replace the existing agent.
In order for this document to become effective, it must be recorded with the same government office that recorded the initial Power of Attorney document, and then notarized. The agent should also be provided with a notice of revocation of Power of Attorney.
Here's a real-life example from one of the properties researched on PropertyShark:
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.