Lawyer Raymond Nesbitt explains what a Power of Attorney is, who needs it and how to get one.
By Raymundo Larraín Nesbitt
Lawyer – Abogado
8th of June 2017
On buying property in Spain, your appointed solicitor will suggest you sign a power of attorney (POA) giving him power to act on your behalf.
In this article I will explain briefly, strictly from a conveyancing point of view, the usefulness of signing a conveyance POA over to your lawyer.
What is a Power of Attorney?
It is a deed witnessed by a Notary public whereby a grantor (principal) confers a mandate to a third person (agent) to act on his behalf. The principal is bound by the actions carried out by his agent.
What types of POA are there?
Broadly speaking, there are several. For this article’s sake, I will only focus on conveyancing POA. But there are many more used in litigation, to administrate the estate of mentally unsound individuals (legally incapacitated), inheritance matters, lasting power of attorney, corporate, investments etc.
Content of a POA
POA can be either specific or broad.
An example of a specific POA can confer a mandate to apply for a NIE number on behalf of a client.
An example of a broad POA is one which confers ample powers to administer the estate of someone.
Specific Focus on Conveyancing POA
Conveyancing POA are usually limited. Your conveyancer will normally require all the below bullet points:
Where can a POA be Arranged?
Terminating a POA
Powers of attorney can be revoked at any given moment if needed be.
Whilst powers of attorney are most useful in practice, it is important to note that you should fully understand the faculties you are empowering someone with and feel confident on their performance.
In our law firm, we draft POA in double column, English & Spanish, for your peace of mind so that you know exactly what powers you are signing over to one of our lawyers.
To close, I strongly advise not to give POA to non-family members who are neither registered nor qualified to practice law; specifically, broad powers on money matters.
“Power tends to corrupt and absolute power corrupts absolutely.” – Lord Acton.
19th century aristocratic British politician, historian and writer. He was a libertarian that considered political liberty the essential condition. Famous for this very quote.
Our law firm charges €175 plus VAT for a POA service. This fee is deductible on hiring our conveyance service.
Article originally published at Spanish Property Insight: Power of Attorney Explained.
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