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Special or Limited Power of Attorney for Real Estate Purchase Transaction by Purchaser - Michigan 2025

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The document is a Special Power of Attorney for closing a real estate transaction in Michigan, appointing an Attorney-in-Fact to act on behalf of the principal. It grants the attorney full authority to execute necessary documents, manage funds, and complete the purchase of a specified property. The document outlines the responsibilities and limitations of the attorney-in-fact, including fiduciary duties and requirements for accountability.
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How Long is a Limited Power of Attorney Good For? A Limited Power of Attorney is good for as long as you establish it. In contrast to a General POA, which expires only if you revoke it or once you pass away, Limited POAs are designed to be valid for a specific amount of time.
In California, there are four main types of POAs, each offering a specific scope of decision-making power: general, durable, limited, and medical.
A power is called limited if the holder of the power cannot exercise the power in favor of herself, her estate or the creditors of her estate. Because it is limited, the assets subject to the power dont get added to the power holders estate for estate tax purposes.
A Limited Power of Attorney (also called a Specific or Special Power of Attorney) allows the person who has the POA, the holder, to legally act on behalf of someone else, the principal, for a specific timeframe, scope or document.
When someone makes you the agent in their power of attorney, you cannot: Write a will for them, nor can you edit their current will. Take money directly from their bank accounts. Make decisions after the person you are representing dies. Give away your role as agent in the power of attorney.

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You must sign your durable power of attorney in front of a notary or two witnesses. Also, your agent must sign an acknowledgement of responsibilities and duties before exercising authority. The law sets forth the language that must be included in an acknowledgement of responsibilities and duties.
Durable POAs are particularly useful for individuals planning for future incapacity, providing peace of mind that their affairs will be managed ing to their wishes without the need for court intervention.

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