How does a general Power of Attorney for an apartment help?
Temporary disability, geographic remoteness, business workload – there are several reasons for transferring of ownership management.
Now let us take a closer look at how a general Power of Attorney for an apartment help.
Benefits and limitations of a general Power of Attorney
Unlike a special and single-use Power of Attorney, the general type of the document implies an agent’s possibility to perform a wide range of transactions with an apartment. Legally, this document is also referred to as a general Power of Attorney. It is drawn up once, while when the single-use Power of Attorney is prepared, it requires a separate document for each operation.
What an agent can do with an apartment:
- To sell and exchange the housing;
- To rent;
- To pledge.
Besides, a third party has the right to sign contracts on behalf of the grantor, defend the interests of this person in judicial institutions and collect a package of papers to transact sales and purchases. The completed document also gives the right to pay tax and utility bills on a legal basis.
The only limitation is that a person who is delegated new powers to make transactions with an apartment cannot carry out transferring an apartment by gift. The gift deed can be carried out only if the owner of the real estate intends to specify this possibility specially, with the obligatory indication of the full name of the donee.
The transfer of certain rights can be terminated at any moment if the grantor has expressed an intention to revoke the general Power of Attorney. Another reason for the termination of the document is the grantor’s death. The total “validity” period of the Power of Attorney does not exceed 36 months, after which the delegated powers lose their legal force. In some cases, the time period is not specified, the document’s validity is usually a limited period of 12 months.
How and where to prepare it?
All rights to real estate are registered in the list of the State Register; therefore, a change in the number of persons who can dispose of real estate must be recorded in a notarial form. For registration of the document, the passport details of both persons and documents confirming the ownership are required. The finished document involves entering the date of preparation, the addresses of residence of both persons, the signature and seal of the notary on a special form. The presence of the future agent, as well as the initiator of the document drawing up, is required. The authoritative notary Yevheniia Averina, who has an impeccable reputation, is the guarantor of the execution of the document strictly according to the letter of the law, can help with the paperwork.