Are you taking into consideration a power of attorney? Learn more about this notarized document. Do you have to go abroad and you care about the fate of your possessions? Are you in a situation that involves some kind of sickness, or simply you don’t have time to do anything to sell or to rent your apartment?
Don’t worry, you just need to find someone you trust and go to your notary to get a notarized power of attorney.
What is a notarized power of attorney?
A power of attorney is a legal document that allows one person to be represented by another in his or her legal relationship with a third person. In other words, a person who cannot participate himself in a legal act involving his or her movable or immovable property may designate a trusted person to act on his or her behalf (selling, renting, depositing or withdrawing money, etc.).
The power of attorney is a notarized document that connects the grantor (the person who gives the power of representation) with the attorney (the person who will act in the base of the power of attorney).
Structure of the power of attorney
Note that the power of attorney can be either verbal or not notarized, and in order to not subject your attorney to additional verifications and to unnecessarily prolong the timeframe of his actions, you will have to go to your notary’s office. As a legal specialist and undisputed authority, your notary will provide you with a document written in accordance with legal and flawless standards.
The notarized power of attorney always contains:
- the personal data of the grantor
- the name of the agent attorney
- the responsibility or responsibilities entrusted to the attorney by the grantor
- the date of the writing of this document
- signature of the grantor
Your notary will draft a power of attorney that accurately suits your interests to protect you from unwanted actions or misunderstandings. Your power of attorney will establish the exact limits of your attorney’s powers, so that he or she may just administer or lease your assets, if you choose so, but not to sell them without special authorization.
Obligations of the parties
The power of attorney is usually a solution that is adopted after a discussion between two people who have kinship or a friendship relationship, the attorney wishing to assist the grantor in a particular case. Sometimes the grantor uses a professional attorney and in such a case the grantor provides the attorney with remuneration. The mandator (grantor) is therefore obliged to pay the attorney the agreed amount of money.
The mandatary (attorney) is obliged to carry out his mission of representation for the period and within the deadlines established by the notarized power of attorney and to inform the mandator if everything is in conformity with the agreement.
Once the attorney has achieved the expected result (for example, he has sold the property the principal wished to sell, he rented the principal’s apartment, he managed his assets during his absence, etc.), the power of attorney comes to an end. The power of attorney may, however, also be annulled in certain particular cases including the following: death of one of the parties, revocation by the grantor, renunciation by the mandatary, etc.
For more information, don’t hesitate to contact a notary. This legal professional is in the best position to give you all the information you need.
Mtre. Lincà, a notary in Laval and Montreal with extensive experience in this area of expertise, will be at your disposal and will provide you with all the information you need to make the most informed and the safest decision.Contact us now!