Arkansas Special or Limited Power of Attorney for Real Estate Purchase Transaction by Purchaser
What this document covers
The Special or Limited Power of Attorney for Real Estate Purchase Transaction by Purchaser is a legal document that allows a purchaser to designate an attorney-in-fact to handle specific real estate transactions on their behalf. This form is particularly useful for those who cannot be present to execute necessary documents for the purchase of a property. Unlike a general power of attorney, this document limits the authority of the attorney-in-fact strictly to real estate purchase activities.
Main sections of this form
- Identification of the purchaser and the attorney-in-fact.
- Legal description of the property to be purchased, including its address.
- Specific powers granted to the attorney-in-fact regarding the purchase transaction.
- Provision for the attorney-in-fact to execute necessary documents, such as sales contracts, deeds, and closing statements.
- Notarization requirement to validate the authority granted.
When to use this form
This form is used when a purchaser wishes to delegate their authority to a trusted individual (the attorney-in-fact) for purchasing real estate, especially in cases where they are unable to be physically present. Common scenarios include instances such as being out of state, having scheduling conflicts, or when the purchaser wishes to have someone else manage the details of the real estate transaction.
Who this form is for
- Individuals purchasing real estate who cannot be present for the transaction.
- Homebuyers needing assistance in navigating the complexities of real estate documents.
- Investors engaging in real estate transactions and requiring a representative to act on their behalf.
- Any person seeking to efficiently manage property transactions while delegating authority to a trusted agent.
Completing this form step by step
- Identify the parties involved: fill in the names and addresses of both the purchaser and the attorney-in-fact.
- Specify the property: enter the legal description and address of the real estate being purchased.
- Detail the powers granted: ensure clear descriptions of what the attorney-in-fact is authorized to do.
- Include signatures: the purchaser must sign the document, and it should then be notarized.
Notarization guidance
This document requires notarization to meet legal standards. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call, available 24/7.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes to avoid
- Failing to specify the exact property, which may cause confusion or disputes.
- Not having the form notarized, leading to potential legal challenges.
- Overlooking to clarify the powers granted, which can limit the attorney-in-fact's capability.
- Using vague language that may not meet legal standards in the relevant jurisdiction.
Quick recap
- This form grants an attorney-in-fact the authority to act on behalf of a purchaser in real estate transactions.
- Notarization is required for the form to be legally binding.
- Clear documentation of the property and powers granted is crucial to avoid any disputes.
- This form is ideal for those unable to be present during the purchase process.
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FAQ
The durable power of attorney is almost always required. This instrument gives another person specific powers to sign for an individual in a real estate transaction where the exact name and description of the property is stated in the document.
The non-durable power of attorney is used only for a set period of time and usually for a particular transaction in which you grant your agent authority to act on your behalf. Once the transaction is completed, or should the principal become incapacitated during this time, the non-durable power of attorney ceases.
Yes. An agent under a POA must keep a record of all receipts, payments, disbursements, and transactions made on behalf of the principal.
What's the difference between durable and general power of attorney? A general power of attorney ends the moment you become incapacitated.A durable power of attorney stays effective until the principle dies or until they act to revoke the power they've granted to their agent.
Remember that all of the authorized agents under the power of attorney or representatives in an estate must sign the listing agreement, disclosure documents, etc. For example, when there are two executors in an estate, then they both must sign the Listing Contract.
Step 1: Bring Your Power of Attorney Agreement and ID. Step 2: Determine the Preferred Signature Format. Step 3: Sign as the Principal. Step 4: Sign Your Own Name. Step 5: Express Your Authority as Attorney-in-Fact. Step 6: File the Documentation Somewhere Safe.
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.
General Power of Attorney. Durable Power of Attorney. Special or Limited Power of Attorney. Springing Durable Power of Attorney.
