All Topics / Help Needed! / non-enduring power of attorney(POA)

Viewing 8 posts - 1 through 8 (of 8 total)
  • Profile photo of Sark0605Sark0605
    Participant
    @sark0605
    Join Date: 2016
    Post Count: 6

    Anyone signed a non enduring power of attorney(POA) before with a buyers agent ? Anything i should be aware of ?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    You would want to restrict it to a specific property and amount.

    Why do you want to give them a POA?

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Sark0605Sark0605
    Participant
    @sark0605
    Join Date: 2016
    Post Count: 6

    I understand it is required so they can represent me in auctions ?

    Profile photo of Ethan TimorEthan Timor
    Participant
    @ethantimor
    Join Date: 2016
    Post Count: 282

    Oh my. Can’t see myself signing such a POA 😱😱😱

    Is this for a specific property and maximum price or are you giving someone a blank cheque to represent you in any auction at any price? 😳

    Ethan Timor | Aligned Finance Pty Ltd
    http://www.alignedfinance.com.au/
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    Active Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    I understand it is required so they can represent me in auctions ?

    It’s one way of doing it but there are others. You could just sign the contract yourself, appoint them as your agent or they could act as your nominee.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of BuyersAgentBuyersAgent
    Participant
    @knightm
    Join Date: 2005
    Post Count: 338

    I understand it is required so they can represent me in auctions ?

    It’s one way of doing it but there are others. You could just sign the contract yourself, appoint them as your agent or they could act as your nominee.

    Terry is right there are other options. Some Sydney BA’s might do this as they do so many and things move quickly enough to justify, I prefer not to as a general rule (nearly did once with an overseas client but bought private treaty instead in the end and used mighty express post) As long as contracts can be signed and sent and deposits paid from offsite you can often get around it. The other reason might be concealing of identity if for some reason the vendor would be influenced by who the buyer is and wont sell or would inflate the price.

    BuyersAgent | Precium
    http://www.precium.com.au
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    South Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au

    Profile photo of yolanda090yolanda090
    Participant
    @yolanda090
    Join Date: 2017
    Post Count: 1

    I wanna know that too. If you find best answer, please let me know.

    Profile photo of Corey BattCorey Batt
    Participant
    @cjaysa
    Join Date: 2012
    Post Count: 1,010

    If you do end up using a POA – make sure you keep the original POA document as this will generally be required to be provided to the lender during the finance process/prior to settlement. If you throw it out/scan and get rid of the original you can leave yourself in a pretty tricky spot.

    Corey Batt | Precision Funding
    http://www.precisionfunding.com.au
    Email Me | Phone Me

    Investment Focused Finance Strategist - servicing Australia-wide

Viewing 8 posts - 1 through 8 (of 8 total)

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