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A Special Power of Attorney (SPA) for property dealings is a legal document that grants a specified individual—the attorney-in-fact or agent—the authority to act on behalf of the principal (the person making the SPA) in matters related to property. For it to be valid and effective, particularly for real estate transactions, the SPA must contain specific information and adhere to certain legal formalities. The exact requirements can vary by jurisdiction, but typically, the following information must be included:
1. Principal’s and Agent’s Full Details: Full legal names, addresses, and sometimes other identifying information (e.g., date of birth, national identity or social security numbers) of both the principal and the agent.
2. Date of Execution: The date when the SPA is signed and executed.
3. Property Details: A clear and precise description of the property involved. For real estate, this may include the address, legal description, parcel or lot number, and other relevant descriptions that uniquely identify the property.
4. Scope of Authority: A detailed explanation of the powers being granted to the agent. This should specify what the agent is authorized to do on behalf of the principal in relation to the property. It can include selling, purchasing, managing, leasing, or mortgaging the property, among other powers.
5. Duration: The time period for which the SPA is valid. Some SPAs are drafted to be effective immediately and remain in effect until a specified expiration date or until the completion