POWER OF ATTORNEY
A power of attorney is a legal document that is used to give legal authority to someone else to make decisions or do certain things on your behalf. The person who is assigned to signs the Power of Attorney is called the Principal, and the person who gives the authority is called the Agent or Attorney-in-Fact. There are a lot of reasons to do a Power of Attorney. Most of us creating a powers of attorney when we buy or sell fixed property. Powers of attorney are also useful for practical delegation, continuity planning in larger organisations and in cases of illness or incapacity. A Power of Attorney doesn’t means that the Principal can no longer make decisions - it just means that another person may act for them also. A power of attorney is generally terminated at the time of principal dies or becomes incapacitated.The Principal may revoke the Agent's authority at any time if he or she is not satisfied with the Agent's performance.
Types of powers of attorney
Powers of attorney that executed outside the Republic must be executed in the presence of a notary public. Depends on where it executed, it must also be properly authenticated. Where a power of attorney is to be used in a property registrations, that must be registered in the Deeds Office, according to the Deeds Registries Act 47 of 1937.
There are two kinds of powers of attorney which are General Power of Attorney and Specific Power of Attorney.
In general power of attorney , the agent or attorney is given authority to act generally on behalf of the principal.
In special power of attorney, an agent is authorised to act and represent the principal in more specific transactions. The special power of attorney should be used when a principal desire to limit the agent’s authority to a specific, identified activity.
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