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A power of attorney is an instrument that is used by people to confer authority on somebody else to legally act on their behalf. A power of attorney may cover any or all aspects of property and asset management, money matters, etc.
Powers of attorneys are significant especially in the real estate sector because it is not practically possible owing to geographic restrictions and busy schedules, to be present for the legal formalities and compliances, and delays can be extremely costly.
A power of attorney can be classified as general or special, depending on the authority given to the attorney by the principal.
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