Things you need to know about Special Power of Attorney to Lease Movable Property.
1. What is a Special Power of Attorney to Lease?
A Special Power of Attorney to Lease allows a person (the “agent”) to rent out property on another person’s behalf (the “principal”). The agent can rent out the property specified in the power of attorney to 3rd persons under terms he deems most beneficial to the principal.
2. When do you need a Special Power of Attorney to Lease?
A Special Power of Attorney to Lease is necessary if you wish to appoint another person to rent out property on your behalf.
A Special Power of Attorney to Lease is normally executed when the principal is unable to rent out the property on his own and will need an agent to act on his behalf. However, it may also be executed even if the principal is not incapacitated and just wishes to appoint an agent to manage the renting out of his property.
3. How can a Special Power of Attorney to Lease benefit you?
A Special Power of Attorney to Lease serves as written proof that the agent has authority to rent out the property on the principal’s behalf. Potential lessees will be apprehensive about dealing with persons who are not the property’s registered owners without written proof that the agent is authorized to act on the registered owner’s behalf. The Special Power of Attorney to Lease can serve this purpose.
4. What is the difference between a Special Power of Attorney to Lease and a General Power of Attorney?
Both powers of attorney are used to appoint an agent to act on the principal’s behalf. However, they are different in terms of the nature of powers granted. A General Power of Attorney is used to grant the agent broad powers to handle the principal’s affairs. On the other hand, a Special Power of Attorney to Lease is used solely to grant the agent the power to rent out the property on the principal’s behalf.
5. What information do you need to create a Special Power of Attorney to Lease?
To create your Special Power of Attorney to Lease you’ll need the following minimum information:
- The type of principal (i.e. individual or business) as well as name and details (i.e. nationality and address)
- The type of agent (i.e. individual or business) as well as name and details (i.e. nationality and address)
- Brief description of the property to be leased
