POWER OF ATTORNEY
Power of attorney is a written document in which one person authorises another person in writing to act on his or her behalf in certain circumstances. A power of attorney may be a general or a special power of attorney.According to the Code of Obligations, a power of attorney is a bilateral contract.
Under Article 386 of the Code of Obligations, the person to whom a power of attorney is granted owes a duty to the person who issued the power of attorney by virtue of the subject giving rise to the power of attorney. This duty ends with the completion of the powers granted by the power of attorney.
WHAT ARE THE TYPES OF ATTORNEY?
•General power of attorney
•Power of attorney relating to title deeds
•Power of Attorney that involves transfers and inheritance
•Power of Attorney of Recognition and Enforcement
•Power of Attorney to buy and sell real estate
•Power of Attorney in divorce proceedings
•Power of attorney authorized to establish a mortgage
•Powers of attorney granted by companies
•Power of Attorney for the transfer of shares in companies
•Power of attorney containing a promise of sale
NECESSARY INFORMATION ABOUT THE POWER OF ATTORNEY
•Power of attorney may be given to people over 18 years of age and in good mental health.
•Powers of attorney are usually valid indefinitely, but you may set an end date if you wish.
•The fee for a power of attorney varies depending on the number of pages and contents of the power of attorney requested, but it is a nominal fee.
•The power of attorney is usually issued through a notary or consulate.
NECESSARY DOCUMENTS FOR ISSUING A POWER OF ATTORNEY
•Identity card or passport of the person who will issue the power of attorney
•ID card or passport of the person to whom the power of attorney is being issued
•Information on title deeds (for proxies in real estate)