Difference between general and special power of attorney
Difference between General and Special power of attorney
A general power of attorney is created with a purpose of giving right to another person to exercise the activities on behalf of the principal, for all purposes which is general in nature. This kind of power of attorney confers on the agent an authority to make decisions which is not specific in nature and can be a decision like legal, medical, financial & business decisions of the principal. However for the purposes of real estate a specific power of attorney which is also known as special power of attorney is needed. The general power of attorney is always irrevocable and the principal shall all the actions done under the general power of attorney (GPA) Difference between general and special power of attorney
On the other hand a special power of attorney is specific to property matters where the principal grants authority in favour of agent to make decisions on behalf of the principal and to conduct various activities as per those decisions. The special power of attorney (SPA) is irrevocable and the principal must ratify all the activities done under the special power of attorney.
To learn the meaning and significance of power of attorney as such kindly read a useful post on the power of attorney written by our legal knowledge partner, The Juriskps Law Offices by Clicking here.
The stamp duty which is applicable on the power of attorney including that on the general power of attorney and special power of attorney can be known by visiting state specific link from below.
Difference between general power of attorney and special power of attorney
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