Perhaps you are trying to sell an apartment but you cannot take care of the process yourself, or you prefer someone else to do it. If so, you will be very interested in knowing what power of attorney is when selling a home and how it can benefit you.
What is a power of attorney?
It is a document by which a person can represent another and act for her in legal, financial, medical or real estate matters. The person who grants the powers is called principal, and the person who receives them, proxy.
There are essentially two types of power of attorney:
- General power of attorney. The powers of representation, with this power, extend to multiple areas.
- Special power of attorney. In this case, they are restricted to a specific process, such as when they are transferred to a lawyer or a solicitor.
How is the power of attorney applied when selling a home?
As you have seen, one of the areas in which a power of attorney can be used is real estate. These are some of the powers of the agent when selling a home:
- Negotiate with interested parties and represent the principal in banking, administrative or legal procedures.
- Gather the necessary documents for the sale.
- Sign the sales contract.
- Pay the expenses and collect the amounts of the sale.
When is a power of attorney useful to sell a property?
Maybe you want to sell a home but you are abroad, or in a different city.
Maybe you could manage the sale yourself, but you prefer to delegate the responsibility to someone with more knowledge and experience in buying and selling real estate. Or perhaps someone has inherited a home and it is in their interest to sell it, but they are medically unable to do so.
The solution for all these cases is to make a power of attorney. Thanks to him, to the extent necessary, the agent will have the pertinent powers to close and formalize the sale.
How do you request a power of attorney and how much does it cost?
Applying for a power of attorney is a simple process. It is enough that you go to the notary alone, without the presence of the future proxy being necessary. Let's see the steps to follow:
- Go to the notary.
- Prepare the mandatory documentation:
DNI of the attorney and principal.
Full name, address and marital status of the attorney.
- Defines the scope of the power of attorney.
- Sign the power of attorney drawn up with the notary.
The price of making a power of attorney usually ranges between €25 and €100. We always recommend choosing the agent very carefully, as these are very serious issues, and you must have full confidence in the person to whom you grant the power to act on your behalf.