This form is a simple model for a bill of sale for personal property used in connection with a business enterprise. Adapt to fit your circumstances.
Property Sale Our With Power Of Attorney In Houston
Category:
State:
Multi-State
City:
Houston
Control #:
US-00167
Format:
Word;
Rich Text
Instant download
Description
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FAQ
Potential Disadvantages of Being a Power of Attorney If you breach your duty, you could owe the principal compensation for damages. The principal could sue you if you did not act in their best interest. A POA could be held responsible if they sign an agreement that could hold them financially liable.
A: The three primary decisions that can't be made by a legal power of attorney agent are writing or editing a will, making decisions after the person they are representing passes, or acting outside of the creator's interests.
While POA can extend to real estate transactions, power of attorney can only be used to sell a property before death. After the principal's death, the property must be sold through the probate process.
This means someone cannot use a POA to deed property to themselves. Lastly, in the event someone has granted a POA to their spouse, it is important to know that once there is a divorce that POA is no longer valid. The Texas Probate Code that governs POAs states that a divorce automatically invalidates an existing POA.
In most cases, you can name any person whom you trust to be your agent under a durable financial power of attorney, healthcare power of attorney, or advance healthcare directive. However, some states may have specific requirements for a noncitizen serving as an agent.
The person who assigns power of attorney is known as the principal, and the person to whom the principal gives POA is the agent. The principal — that is, the person who assigned POA to someone (an agent) on their behalf — can revoke it.
A power of attorney (POA) is a document by which one person authorizes another to take actions on his/her behalf. There are two types of Power of Attorney (POA): A general power of attorney says that the agent can do anything and everything on behalf of the person who signed it (the principal).
Key Takeaways: A Power of Attorney (POA) can sell property before death if explicitly authorized in the document, but authority ends immediately upon death. When selling property, POA agents must provide proper documentation, follow legal requirements, and always act in the principal's best interest.
