General power of attorney for a share in an apartment: how to use it correctly?

General power of attorney for a share in an apartment

If an individual is engaged in the sale of an apartment share by a general power of attorney, the features of the procedure hardly differ from the standard scheme. Certain difficulties or additional questions arise because of the fact that the transaction is being carried out not with a separate apartment, but with just a part of it. Buyers face more risks; they want to know all the details regarding the apartment in general, the neighbours, as well as the owner. If a person receives a power of attorney to sell, for example, a part of an apartment consisting of 2 rooms, the transaction is also carried out taking into account the area of the bathroom, kitchen, and other premises that are important for apartment dwellers.

How can one sale an apartment share?

General power of attorney for a share in an apartment entrusts to the owner's representative with important responsibilities. When selling real estate, it is necessary to communicate the right information to the buyers that the transaction is not concluded with the owner, but only with his authorized representative. In order for the transaction to be successful and risk-free, it is necessary to give the buyers as much information as possible about the legal owners, to present them the required documents in order to provide guarantees of the legality of all actions taken.

Features

Certain difficulties or challenges are possible under the following circumstances:

1. The representative is to sell a share of the apartment, one of the registered tenants of which is an under aged child. In this case, the child protection services can interpose in a matter, which greatly complicates the process.
2. In the case of a transaction by power of attorney from an owner who did not purchase, but received the housing by will or by his own inheritance.
3. The sale of a share of an apartment is carried out directly because of the divorce of the owners. Such circumstances are often not to the liking of buyers, and can also present some difficulties in the preparation of documentation..

To solve all the possible problems quickly, it is necessary to prepare a standard list of documents in advance. Each document is checked for relevance beforehand. Sometimes it is necessary to make a legal replanning, to fulfil other important obligations before a purchase and sale transaction can be considered legitimate. Sometimes the buyers require additional certificates, which the owner may not have. It is important to find out in advance whether all taxes have been paid, whether there are any utility debts, in order to be able to interact with buyers efficiently and gain their trust.

In order for the transaction to be successful, first it is necessary to check that the power of attorney contains all the necessary points. If you collect the necessary documents in advance, you will be able to organize an onward transfer correctly, to use your powers, and successfully complete the transaction.