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You are here: Home / Buyers / Key Term Tuesday: Power of Attorney

Key Term Tuesday: Power of Attorney

March 27, 2018 By Rebecca Jacks

We understand how frustrating it can be to search for a home in Austin. Half the battle is learning the key terms and what they mean in regards to Texas real estate. So each week we bring you Key Term Tuesday – our way of helping you decode the industry jargon that keeps you from owning your home search.

Power of Attorney

What is a Power of Attorney?

A power of attorney (POA) is a document that names a person or organization to manage the affairs of another person should that person become unable to do so. A common use of a POA is in residential real estate happens when a necessary signer of the contract is out of time at the time of signing.

We call the person who receives the power to make decisions for another an attorney-in-fact. There are several different types of power of attorneys and each type gives your attorney-in-fact a different level of control. One type often used in estate planning is called a General Power of Attorney which gives broad control. In real estate transactions, a document called a Limited Power of Attorney gives very specific and limited power to one person acting on behalf of another as in situations where a buyer might be out-of-town at the time of signing. As a practical matter, get legal advice to understand the ramifications of a POA before doing so.

Looking for a Real Estate Expert?

Our team has a combined 55+ years of experience helping home buyers understand the residential real estate market. Check out our approach to Buying a Home in Austin to learn more about our team and how we work. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.

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Filed Under: Buyers, Sellers Tagged With: First Time Home Buyers, Real Estate Key Terms

About Rebecca Jacks

Rebecca has founded her success in real estate on a commitment to personalized service. Clients appreciate her dedication to not only the success of their transaction, but their very peace of mind. She is particularly adept at creating bridges to make home buying and relocation as seamless as possible.

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