Power of attorney for real estate transactions is a written authorization that gives a person (the attorney) the authority to carry out all real estate transactions on behalf of another person (the principal). This means that the attorney can buy, sell, rent, or even mortgage the real estate owned by the principal without the need for his physical presence. Therefore, in the following lines, the POA&More team provides us with a comprehensive guide on the power of attorney for real estate transactions.
What is the power of attorney for real estate transactions?
Power of attorney for real estate transactions in the UAE is a legal document that grants a person (the attorney) broad powers to carry out all real estate transactions on behalf of another person (the principal). This means that the attorney can buy, sell, rent, or even mortgage real estate on behalf of the principal without having to obtain his approval each time. It is worth noting that the requirements for issuing power of attorney for real estate transactions vary:
- Identifying the attorney: The identity of the attorney must be clearly identified in the attorney.
- Identifying powers: The powers granted to the attorney must be accurately and clearly identified.
- Signature and attestation: The attorney must be signed by the principal and the attorney and documented with the competent authorities.
- Translation of the attorney: If one of the parties does not speak Arabic, the attorney must be translated into his language and the translation must be documented.
Read more: Power of Attorney Dubai Property: 6 Important Tips
The importance of power of attorney for real estate transactions?
- Convenience and flexibility: It allows the client to manage his real estate affairs from anywhere in the world without the need to travel.
- Speed of completion: The attorney can complete transactions quickly and efficiently.
- Dealing with multiple properties: If the client has several properties, the general power of attorney makes it easier to manage all of these properties.
When does a person need power of attorney for real estate transactions?
- Long travel: If the person is traveling for long periods.
- Residing abroad: If the person is residing outside the country.
- Health disability: If the person is unable to manage his real estate affairs himself.
- Busy business: If the person is busy with other businesses and does not find enough time to manage his real estate affairs.
Types of Power of Attorney for Real Estate Transactions in the UAE
Power of attorney for real estate transactions is the authorization of another person (the attorney) to act on behalf of another person (the principal) in certain matters. In the field of real estate, a power of attorney is an important legal tool that allows the principal to complete his real estate transactions even in the absence or inability to attend in person. The power of attorney for real estate transactions can be divided into two main types:
General Power of Attorney:
- Grants the attorney broad powers to act in all of the principal’s real estate matters.
- This type of power of attorney includes buying and selling real estate, renting it, making modifications to it, and other powers.
Special Power of Attorney:
- This type of power of attorney specifies the specific powers that the principal grants to the attorney.
- The special power of attorney can be limited to a specific time period or to a specific real estate transaction.
Read more: Special Power of Attorney for Sale of Property
Role of Power of Attorney for Property
A power of attorney for real estate transactions in the UAE is a legal document that gives another person (the attorney) the right to dispose of your real estate property on your behalf. This type of power of attorney gives the attorney broad powers to manage your property affairs, including buying, selling, renting, leasing, and otherwise disposing of the property. There are many reasons why someone might issue a power of attorney for real estate transactions, including:
- Long-term travel: If you are traveling abroad for an extended period of time, you may need a trusted person to manage your property affairs in your absence.
- Health conditions: If you are sick or disabled, it may be difficult for you to manage your real estate affairs yourself, and therefore you need someone to represent you.
- Real estate investment: If you own multiple properties in the UAE, it may be difficult for you to manage all of these properties yourself, and therefore you need a specialist to manage these investments.
Read more: Fast POA Attestation in Dubai
Powers of attorney for real estate transactions
The Property POA in a general power of attorney for real estate vary according to the terms of the power of attorney, but in general, the attorney can do the following:
- Buy and sell real estate: The attorney can buy and sell real estate on your behalf, provided that this action is within the powers granted to him in the power of attorney.
- Rent and lease: The attorney can rent your property or rent another property on your behalf, collect rents and pay bills.
- Property management: The attorney can fully manage the property, including its maintenance, repair and renovation.
- Property disposal: The attorney can dispose of the property in any other way, such as mortgaging it or donating it, provided that this action is within the powers granted to him in the power of attorney.
Who can be nominated for POA for Property?
Choosing the right person to give power of attorney for real estate transactions is a critical decision and requires careful consideration. Here are some categories of people to consider for this role, keeping in mind that each case is unique and requires an individual assessment:
Real estate attorneys:
Advantages: They have the legal expertise to better understand the legal complexities of real estate transactions and protect your interests.
Disadvantages: Their costs may be higher than others.
Licensed real estate consultants:
- Advantages: They have extensive knowledge of the local real estate market and can help negotiate the best deals.
- Disadvantages: They may not have the legal expertise to handle all aspects of the transaction.
Trusted relatives:
- Advantages: There is usually a high level of trust between you and them, and they may be familiar with your financial circumstances.
- Disadvantages: They may not have the experience to manage complex real estate transactions, and the emotional side may affect decision-making.
Close friends:
- Advantages: You may have a long-standing relationship with them and trust their abilities.
- Disadvantages: The same considerations apply to relatives, plus the potential for personal relationships to influence business decisions.
Read more: 5 Steps to Get Power of Attorney to Sell Property in Dubai
Advantages of Power of Attorney for Real Estate Transactions
Power of attorney for real estate transactions is a legal document that gives another person (the attorney) the right to represent you and manage your real estate affairs in the UAE. This document has many advantages, especially for people who live outside the country or who cannot manage their real estate affairs personally. In the following lines, we explain the main advantages of the power of attorney for real estate transactions in the UAE:
- Property management: The attorney can manage all aspects of your real estate property, including renting, selling, buying, and collecting rents.
- Signing contracts: The attorney can sign contracts on your behalf, such as sales and purchase contracts and lease contracts.
- Registering properties: The attorney can register properties in your name in the real estate registry.
- Defending your rights: The attorney can defend your rights in the event of any legal disputes related to your property.
Features POA&More for power of attorney for real estate transactions
POA&More Notary Public Dubai is a leading power of attorney and attestation services company in the UAE. The company offers a wide range of services related to real estate transactions, including preparing power of attorney for real estate transactions. This company has several features that make it an ideal choice for many clients:
Experience and knowledge:
- Specialized team: The company’s team includes a group of legal experts and real estate specialists, ensuring the provision of high-quality and accurate services.
- In-depth knowledge of the laws: The company has extensive knowledge of the UAE laws and regulations related to real estate transactions and powers of attorney, ensuring that the correct procedures are followed and any legal problems are avoided.
Comprehensive services:
- Preparing powers of attorney: The company prepares all types of real estate powers of attorney, whether general or special, to suit the client’s needs.
- Electronic attestation: The company provides an electronic attestation service for powers of attorney, which saves time and effort for clients and makes it a smooth and easy process.
- Additional services: In addition to preparing and documenting powers of attorney, the company provides a wide range of other services such as translation, certification, and legal representation services.
Speed and Efficiency:
- Completion of work in record time: The company is characterized by the speed of completion of work, as it seeks to save time and effort for customers.
- High efficiency: All tasks are carried out with high efficiency and extreme accuracy, ensuring that the customer receives the required service on time.
Transparency and reliability:
- Transparency in dealing: The company is characterized by transparency in dealing with customers, as all necessary information about services and prices is provided.
- High reliability: The company enjoys a good reputation in the market, as it is considered one of the reliable and honest companies.
Power of attorney for real estate transactions Competitive prices:
Reasonable prices: The company offers competitive power of attorney for real estate transactions prices for power of attorney and attestation services, making it an economical option for many customers.
Frequently asked questions
Can an attorney with a power of attorney (POA) sell a house without the seller present at closing?
Sure, an attorney with power of attorney for real estate transactions can close a home without the seller present. That’s the main purpose of a power of attorney. A power of attorney for real estate transactions is a legal document that gives an attorney the authority to do certain things on behalf of the owner, including selling real estate. When an owner gives the attorney power of attorney to sell his home, he or she is giving the attorney the right to:
- Negotiate with the buyer: set the price and other terms of the deal.
- Sign contracts: on behalf of the owner.
- Receive payment: deliver it to the owner.
Can a power of attorney own real estate?
In general, a general power of attorney may not own real estate on behalf of the principal. A general power of attorney gives the attorney broad authority to dispose of the principal’s money, but this authority is limited to what is stipulated in the power of attorney or what is required by custom and practice.