In real estate, POA stands for Property Owners Association. It is a larger-scale organization that might oversee a specific district in an area, several communities or neighborhoods, or an entire city. POAs handle a wide range of duties, including zoning and land use planning for an area, maintaining common areas and utilities, helping with economic development, providing legislative support and lobbying for the HOAs and COAs under its umbrella, and coordinating with government agencies or hosting and planning community events. POAs also come with fees, just like HOAs and COAs.
It is important to note that POA in real estate can also refer to Power of Attorney of Property. This is a legal document that transfers authority to an agent to manage assets on behalf of an owner. In real estate, POA of property usually includes all assets held by the principal, such as real estate, bank accounts, and stocks. The terms of the contract, including what can and cannot be managed, are determined at the time the contract is established.
To summarize, POA in real estate can refer to Property Owners Association or Power of Attorney of Property. The former is a larger-scale organization that oversees a specific district in an area, several communities or neighborhoods, or an entire city, while the latter is a legal document that transfers authority to an agent to manage assets on behalf of an owner.