Power of attorney, types and requirements
What is a power of attorney?
The power of attorney or power of attorney granted before a notary is one of the most frequent acts in the practice of notaries, and also one of the most important and most significant for the interested parties.
Its price varies according to its extent, but usually ranges between 40 and 60 euros.
If you need to make a power of attorney please contact us and we will tell you how to proceed in your specific case. There are different types of powers of attorney as detailed below.
Requirements for signing a Power of Attorney:
Above all, the physical presence before a Notary of the person who is going to grant the power of attorney is a fundamental requirement for the signing of a Power of Attorney. It is necessary that the Notary identifies such person, for which it is necessary that at the time of signing the power of attorney the notary provides the identification documents; that is:
- DNI in the case of Spaniards.
- Passport or identity card in the case of EU foreigners.
- Passport in the case of non-EU foreigners.
It is important that the documentation that accredits the identity of the proxy is original and in force.
In addition, in the case of powers of attorney whose content authorises acts of tax significance, both the principal and the attorney-in-fact must present a Tax Identification Number: NIF for Spaniards, NIE for foreigners and CIF for companies.
Spanish legislation does not allow the granting of powers of attorney online.
In principle, powers of attorney do not expire; that is, they are not subject to a time limit, but there is nothing to prevent them from being granted for a certain period of time. In this case, the power of attorney automatically expires when the established time limit is reached.
If it is not subject to a time limit, one speaks of a power of attorney of indefinite duration.
It is possible for the principal to revoke it at any time. To do so, it is necessary to initiate a procedure that is processed before a notary. What must be done to revoke a power of attorney? To revoke a power of attorney it is necessary to go to the Notary so that the latter, in turn, notifies the proxy of the revocation and thus render the power of attorney useless.
Types of powers of attorney
Different kinds of powers are distinguished by the breadth of their content. The broadest is the GENERAL POWER of attorney, which in the notarial field is also known as POWER OF ATTORNEY, a term that indicates the importance and significance of this act, which is based on the relationship of trust between the one who grants it and the one who receives it. Through this General Power of Attorney, the granter (person who gives or confers the power) authorizes the proxy (person who receives the power) to perform any legal act or business on his or her behalf within the sphere of property. Thus, through the General Power of Attorney the agent can, on behalf of his or her principal, buy, sell, mortgage, lease property, operate banks and manage bank accounts opened in the name of the agent, intervene in inheritances, give or accept donations and a long list of businesses.
As opposed to the General Power of Attorney, we have a wide variety of Special Powers of Attorney depending on their content.
By virtue of this power, the proxy is given ample faculties to carry out all kinds of operations related to inheritances to which the proxy is called. Thus, he is empowered to request wills, to request declarations of heirs, to accept or renounce inheritances, to value the assets that make up such inheritances, to settle economic-matrimonial regimes, to pay debts of the deceased.
Buying and Selling Power
In this case, the principal is limiting the powers of his agent to all transactions necessary to buy or sell an asset of any kind. Usually this power of attorney includes supplementary clauses, such as
- Clauses to authorize the registration or cancellation of certain supplies of water, electricity, gas or internet.
- Clauses to authorise the payment of certain community fees, property tax, etc.
- Clauses to make declarations of new construction, construction purposes, to cancel mortgages.
Power of Attorney for Donations
By virtue of this power of attorney, the principal empowers the agent to make donations in his or her name; generally, these powers of attorney specify and describe the good or goods to be donated, including the donor’s declaration that sufficient goods are reserved for his or her subsistence. In addition, the power to accept gifts in the name of the donor is usually included in this power of attorney.
Power of Attorney for Banking Practice
With this power of attorney, the agent is authorized to carry out operations inherent to the banking activity, such as opening and cancelling current accounts, making transfers, depositing or withdrawing money, signing checks and drafts, obtaining certifications of such accounts, etc.
Power to Pleitos
This type of power of attorney is widely used in procedural practice. Through it, the grantor appoints the Attorneys or Lawyers who will represent him/her in a lawsuit before the Courts of Justice.
Contact Notary Office Torrevieja
Clara Gonzalez Gomez
From our Torrevieja notary’s office we carry out many procedures such as power of attorney, deeds, express divorces, marriages, inheritances and wills, etc.