What legal right does a power of attorney give a person in real estate?

A power of attorney is a legal document that grants one person the authority to act on behalf of another in specified legal matters, including real estate transactions. This authority is particularly significant in real estate because it allows the designated agent, or attorney-in-fact, to handle tasks such as signing contracts, completing paperwork, and managing property affairs without the direct involvement of the principal (the person who has granted the power).

The versatility of a power of attorney means it can be limited to specific actions or it can be broad, covering a range of legal and financial decisions. In real estate, this is incredibly useful for clients who may not be able to be present for negotiations or transactions due to travel, illness, or other commitments, ensuring that their interests are adequately represented.

Other options relate to different aspects of property management and ownership but do not encompass the core function of a power of attorney. For instance, making decisions on behalf of co-owners might involve a different legal framework, challenging property assessments relates to appeals and tax matters, and negotiating terms with buyers involves direct engagement with parties in a transaction, which does not inherently require the authority granted by a power of attorney.