Power of Attorney (POA) in real estate
Because it's not always possible to travel, the Dubai authorities have set up a highly efficient power of attorney system. Commonly known as POA, for Power of Attorney, powers of attorney allow a third party to represent a buyer or seller in a real estate transaction. Dubai Immo tells you more about Power of Attorney, which could well come in handy if you decide to invest in real estate in Dubai, or sell a property located in the Emirates.
What are the Power of Attorneys for?
If you can't come to Dubai to sell a property, or to carry out important formalities relating to a property, the POA will be a great help. You can give power of attorney to someone you trust to carry out these important formalities on your behalf. The most common use of the POA in real estate is in the sale or purchase of a property. The person you choose can represent you in dealings with the developer and the trustee (notary) when selling an apartment or villa in Dubai. If you are buying a property on the secondary market, a POA can also represent you in signing the deed of sale at the notary's office on your behalf. The POA can also collect the proceeds of a property sale in Dubai on your behalf, and subsequently send the funds to your account. This is particularly useful when the seller does not have a foreign account, and therefore cannot cash a bank cheque.
How do I get a POA?
The process is simple, fast and inexpensive. We are able to assist you in this process, working closely with an office specialized in Power Of Attorney. All you need to do is provide details of the property for sale, together with the contact details of the two people involved, i.e. the person giving power of attorney and the person receiving power of attorney. Valid identity documents are also required. The procedure can be carried out remotely in less than 24 hours, for just a few hundred euros.
