What is a power of attorney in real estate?
Power of attorney is a legal document that gives one person the authority to sign any agreement on behalf of another person. It can be used if you want to assign a trusted friend as your legal representative. In such case, you will be referred as the principal and your friend as the agent. After this document has been signed by you, the agent will be able to handle all the legal matters. For instance, he can make a deal and sign bill of sale on your behalf. This will free from all your legal duties, or at least some of the duties.
A power of attorney is of three types. It can be general, special or durable. The first one gives the agent the authority over all the legal matters. In the second one, agent gets right over only a specific legal matter. Both these types are valid for a limited time. The third one has no time limit. It is valid for the lifetime, unless cancelled by the principal.
You can either hire a lawyer to prepare the document or do it on your own. There is no need to know all the terms that should be written on it. You just need to download a power of attorney sample from the internet. From this example, you can create a document by changing the details, like names and dates. The required format of this document varies in different states. So, the power of attorney sample you use should be valid for your state.