Power of Attorney

In News by Jar Half Full

The Law is fairly unambiguous regarding POAs.  There must be a qualified Notary present at the signing of the Power or a person Qualified to carry out the duty of an Officer.

Any part of the documentation that is not in the habitual language of the assigning party must be translated by the Officer or physically translated prior to signing in order for the Terms and Warranties to be clearly understood by the assigning party on reading the document.

Even if principals have delegated authority to an agent through a power of attorney, they can still make important decisions for themselves. But, their agents may act for them as well, and must act correctly.

Their agents must follow directions as long as they are capable of making decisions for themselves. A power of attorney is simply one way to share authority with someone else.

Unconscionable conduct would be conduct that is prima facie to the determent of the client. i.e. Signing a mortgage or a document without discussing it with the client first would be a prima facia breach of duty is it damages or harms the client,  the person with the POA must act in the best interest of their client at all times.

Fiduciaries have SHARED POWERS they are not completely autonomous.

Whatever powers the principal gives the agent, the agent must act for the principal’s best interests, must maintain accurate records, keep the principal’s property separate from his or hers and avoid damaging the client or conflicts of interest.

Conflicts of Interest:

IV highlighted Conflict of Interest, because if the Agent / Solicitors are buying property from a developer which he / she does regular business with, there is automatically a conflict of interest.

  1. Is anyone getting a commission for referring business?  Yes the solicitor and the developer are connected.
  2. What is the relationship between the Mortgage Broker / Developer and the Agent?
  3. Are they family, friend and or related?
  4. Who is getting the best deal?  The client or the Agents?

This is the reason we sign in front of an Officer, in order to receive impartial unbiased advice, before and during the signing process.