Attorney Real Estate

Your power of attorney must be registered with the Land and Property Management Authority (LPMA) if your attorney needs to deal with your real estate (eg sell, mortgage or lease it).

A limited PoA, amongst other things, grants the PoA holder access and permission to execute trades/orders on your trading account, on your behalf. However, it does not allow the PoA holder to perform withdrawals requests or transfer of funds. All withdrawals must be requested by the authorized signatory of the account.

To create a POA in Virginia, you must be at least 18 years of age and have the capacity to make decisions and understand what you are doing. You complete the form, naming your agent and choosing the powers you want to give them. You must choose the powers you are specifically granting to your agent.

A POA used for real estate purposes may need to be recorded: Virginia Code § 64.2- 1603 provides that in order to be recordable a POA shall satisfy the requirements of A§ 55-106. Recordation requirements as set forth in Virginia Code A§ 17.1-223 may require the surnames of the Principal and Agent be capitalized and

A Power of Attorney, like a Trust, does not need to be registered or recorded in the public records in order to be effective. It does have to be in writing, signed, witnessed and notarized.

Hence, rights in immovable property are vested only when a sale deed or deed of conveyance is registered between the parties.Sale of property has various implications such as capital gains tax on the seller and payment of stamp duty on the document of transfer.

The power of attorney goes into effect immediately at signing, or at a future date that is specified in the document. In the Commonwealth of Virginia, the original document must be signed and should be notarized.

A limited power of attorney grants the representative that you choose (the agent or attorney-in-fact) the power to act on your behalf under limited circumstances.Under a general power of attorney, the agent or attorney-in-fact can do anything that you can do.

Name, signature, and address of the principal. Name, signature, and address of the agent. Properties and activities under the authority of the agent. Date of effect and termination of authority. Compensation to services of the agent.