Definition
A legal document authorizing another person (attorney-in-fact) to act on behalf of the principal in specific transactions. In real estate, an SPA is commonly used when the property owner cannot personally attend the signing of documents.
Examples
- •OFWs often use SPA to authorize relatives to sell their properties
- •The SPA must specifically state the property and transaction authorized
Tips & Best Practices
- ✓The SPA must be notarized and, if executed abroad, authenticated by the Philippine Consulate
- ✓Ensure the SPA specifically covers the intended transaction
- ✓An SPA is typically valid for a limited time
Related Terms
More in Legal Documents
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