The Power of Attorney is a legal document voluntarily entered into by two parties and duly certified by a notary public, generally a lawyer. The first and second party in the Power of Lawyer are: the Principal and the Agent,respectively. In the power of attorney, the principal appoints the agent to perform a job in a legal capacity in his lieu.
The energy of attorney empowers the agent to act upon any legal circumstance necessary of the principal, mostly if the latter cannot conduct with other folks, his legal affairs in individual. This scenario happens in most situations, when the principal is gone from his domicile or away on a organization trip for a lengthy period or worse, if the principal is ill.
The power of attorney likens the agent as that of an employee as nicely as representative of the principal. One more common term for the authorized agent in a energy of lawyer is Attorney-in-Fact. tax lawyers in virginia
The principal and agent who execute an agreement such as the energy of lawyer could either be an individual, partnership, or corporation. Both parties who execute the power of attorney should of course, possess legal capacity which indicates that parties need to be 18 years of age or older and of standard mental capability.
When the principal authorize the agent in the energy of lawyer, the agent does act inside the scope of the legal agreement. Consequently, the principal is also responsible for the acts that the agent entered into, in his behalf. In the workout of the energy of lawyer, the agent is entitled to payment for services rendered and reimbursement for some of his expenditures.
A most widespread use for the energy of attorney is when the principal enters into a transaction such as the buy of a true estate property. The agent, by virtue of the energy of attorney, offers with the company, or owner of the home till the sale is consummated. Thus, the agent pays for and indicators all the legal documents needed (such as buy application form, contract to sell, deed of restriction, etc.) for the business venture in between the principal who is the buyer, and the property owner who is the seller.
Typically, the energy of lawyer is revocable or can be cancelled at any time. As such, the principal has only to accomplish the revocation of the power of attorney and once again, have the cancellation duly certified by a notary public. The power of lawyer also becomes null and void upon the death of the principal.
The part of the notary public in the power of attorney is vital and akin to a third force. The energy of lawyer becomes a legal instrument only if the notary public or solicitor, has certified the energy of attorney to be so. The notary public then has to furnish copies of the notarized power of lawyer to the concerned government agency that needs it. Thereafter, the energy of attorney becomes a legal public document.