A power of attorney for real estate is a legal document that allows a person (principal) to appoint another person (attorney-in-fact) to represent him/her in transactions related to previously designated real estate.
The situations in which the appointment of a proxy may be necessary are varied, the most important being those in which the owner is unable to attend a meeting relevant to the legal status of the property, either because of the distance that separates him/her from the meeting, or because of illness or physical incapacity.
Some of the steps that can be taken with a power of attorney are
Once the power of attorney has been obtained, the designated person may deal with the property in question before a notary public in accordance with the terms of the power of attorney.
Typically, a power of attorney can authorize:
- Sell the property or properties involved
- Management of deeds and contract documents for the property.
- Negotiate with prospective buyers, real estate brokers, or attorneys on sales, leases, and other types of agreements.
Powers of attorney do not have to be for life, so the power of attorney can be specified in the deed itself, and if no date is specified, the owner can revoke the power of attorney at any time.
Types of power of attorney
A specific power of attorney is one that limits the agent’s authority to a specific transaction, such as selling real estate.
A general power of attorney is a power of attorney that allows the attorney-in-fact to exercise full management of the estate. These powers of attorney are usually of indefinite duration.
Power of attorney process steps
This type of procedure, as the name suggests, is carried out in front of a notary public, who declares the conditions under which the agreement is made, so the steps to be followed are as follows.
- Make an appointment to meet with the appropriate Notary
- Present the identity cards of the persons involved in the granting of the power of attorney: principal and agent(s).
- Pay both cash and stamps for the amount determined.
Note 1: Currently, stamps can be paid for physically or electronically through the payment channels that enable this transaction.Note 2: The presence of the attorney-in-fact shall not be necessary for the granting of the power of attorney..
If you are abroad, you can issue the power of attorney in front of a Cuban consular officer, since they have notary functions and can issue powers of attorney that are valid in Cuba. The cost of this procedure is higher than if it is done in the country.
Obtaining a power of attorney will always be an essential step if you want or need another person to represent you in the sale or management of property on your behalf. This possibility is very important because without a power of attorney, only the owner of the property could manage it, and the impossibility of doing so would limit the mobility of the property.
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