Ideally, a power of attorney relating to a real estate transaction should be special and specific to the transaction in question, and it should also be durable. This means that it takes effect or remains in effect if the principal should become incompetent. A principal who is already incompetent cannot authorize a power of attorney. The agent or attorney-in-fact has a legal, fiduciary and ethical duty to act in the best interests of the principal and to keep the principal's assets and finances quite separate from his own.
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