Here in Kelowna there are several reasons an individual may require a Power of Attorney (POA) when preparing to sell his or her property. A Power of Attorney is a legal documents that grants to a person (sometimes called the “Attorney”) the right to sell and dispose of the assets of the Donor (the person granting the power of attorney). Although there are many circumstances where a Power of Attorney can be useful, some of the most common situations are:
- families where spouses are working overseas/ out of town (including military duty)
- adult caregivers of elderly persons needing to manage their everyday financial and property affairs
- real estate agents who act under the terms of a specific and limited Power of Attorney to complete a real estate deal (for example when their clients are on vacation)
When the time comes to transfer land using a POA, a lawyer is going to be looking for certain criteria in order to establish the validity of the POA.
- ascertaining the true identity of the parties involved;
- make inquiries to ensure the POA has not been revoked;
- ensuring that the ORIGINAL must be filed with the Land Title Office with a DF#;
- ensuring that the POA was properly witnessed by an OFFICER under s.42(3) of the Land Title Act;
- ensuring the POA has sufficient powers to transfer land; and,
- ensuring that the attorney must be at least 19 yrs old.
The flexibility of allowing another person to make financial and legal decisions for someone else can make Power of Attorney a useful tool in real estate transactions. Contact peter@mmslawfirm.ca to find out more.