What Is The Importance Of POA in Real Estate Planning .pdf
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What Is The Importance Of POA For Managing
Real Estate Planning!
Most of the people commonly consider preparing a will to do estate planning because
with a will they can authorize a person to receive the property after death. A will is a legal
document which ensures that your property will pass to an individual according to your
wish after death. But if you also want to do the estate planning while you are alive then
you can make a power of attorney for property on the name of a person whom you want
to manage your real estate on behalf of you. A power of attorney is the grant of rights
from one person to another so you can make it a legal document to give responsibility to
someone trustable to handle your legal property transactions.
A power of attorney is a simple legal document that authorizes someone to manage your
real estate transactions on behalf of you such as making rent agreements with tenants,
the collection of rent, renovation of the property, and maintenance, etc. You can make
power of attorney for your property due to many reasons for instance if you want to go
out of town and unable to sign the required documents for legal transactions, if you are
unable to take care of your property due to illness or any other reasons, or if you are
living far away from your property and unable to manage time to take care of your
In the case of real estate power of attorney the person giving POA is known as principal
and the person receiving it is known as the agent. The receiver of a power of attorney will
become authorized to take care of the financial matters related to the property of
principal and also make important decisions about the property. You can also permit a
reliable person to buy or sell your real estate by passing on a power of attorney for
property. You can authorize a close friend or relative to deal with buying and selling your
property and also to manage the finance.
A power of attorney is effortless to make, and you can make it legal by attesting from the
notary. You can also mention particular clauses in the POA to reserve your rights
regarding property and also keep one copy along with your in the safe custody. With the
help of power of attorney, you can also choose a real estate agent or a company to
authorize for legal procedures relating to your property.
For preserving your rights in the property, you can also limit the period for your property
POA. For example, if you are going on vacations for a month then you can make a power
of attorney for this period and handover to the person to whom you want to make the
agent. You can also make use of POA for the limited time period when you are not able to
handle some matters due to other commitments or due to an emergency.
For more information please visit our website https://poa.ae