California Real Estate Power of Attorney
The California real estate power of attorney form is a legal document that gives a person the legal authority to make decisions on property and real estate on behalf of another.
When somebody wishes to secure their future investment in any real estate in California, they can create this form and nominate a dependable person to become their agent. We are oversimplifying a little, but in essence, there really is not much involved here.
An “agent” in this case is a term for the person who has been given a power of attorney and is called the “attorney-in-fact.” The California state government has prepared and standardized specific norms for different counties and districts. These laws are specifically applicable in each of the distinct types of power of attorney forms and are intended to protect both the issuer and the acting agent.
The Agent Authority
With this POA form, the agent becomes liable to perform all realty-based bonds, contracts, and deeds. They are allowed to deal with checks, drafts, and mortgages and send and receive money orders on behalf of the principal. The agent can settle and manage adjustments on any landed property of the donor enlisted in the power of attorney form.
That’s just it. Part of the protections that are in place is that specific real estate investments have to be listed in the form for the agent to have the legal authority to manipulate them.
They may collect grants and housing rents if the property under consideration has been offered for rent. Although they have the right to sell the estate, this is subjected to the limitation imposed by the principal at the time of signing.
New realty contracts and agreements can be signed by both the grantor and the agent, but often property owners refrain from signing it off with the nominee. Expansion of contacts and writing agreements regarding land and home possessions is also allowed for the agent by the central governing board of California.
Inside the Form
This form contains specific details to be filled in regarding which category of power the principal will hand over to the agent. There is also an option for stock and securities, under which the agent can control the stock shares, sell and buy, and undergo security checks if required.
Like the standard California Power of Attorney, the Real Estate form applies to anybody above 18 years of age whose will is to delegate rights on their real estate to another person.
We should warn that real estate holdings can be valued at the hundreds of thousands of dollars (and more) and could, in certain instances, involve the lives of tenants residing there. Therefore, not only should you create this contract with a dependable, trustworthy, and ethical person, but we recommend you consult an attorney to ensure you are correctly dispatching your authority and not making any legal oversights.
The form itself is relatively simple and only requires two witnesses to sign the form and one notary public. The termination date of this power of attorney can also be fixed in the document, in which case the agent would be liable to those rights only till the deadline.
It is mentioned that the powers will be revoked if the principal expires or if the agent becomes ineffectual or incapacitated. An alternate agent or agents may also be suggested within the form during its creation. They would be able to take action only in the absence of the primary agent.
Once the form is issued, it must be kept safe with the principal, and several attested photocopies are to be kept with the agent and family members.
