Regarding the recent trends and fastest-growing sectors in the UAE, one thing that comes to mind is the real estate market. In this ever-changing market, the role of power of attorney cannot be overlooked, as it has numerous perks. What does it mean in simpler terms? A power of attorney is a legal document that gives one person the authority to act on behalf of another in various capacities. It generally comes into play when dealing with real estate matters, which is why the need for a real estate power of attorney matters a lot. As we go further in the blog, we will discuss real estate power of attorney and everything you need to know. Before we go deeper into the details, we will understand what exactly a POA, or power of attorney, is.
In general, POA stands for power of attorney, and it is a legal document. As we said earlier, there is a principal, someone who gives official authorization to the agent to carry out specific actions on behalf of the principal. In other words, one person (the grantor) appoints and authorizes another person (the grantor) to perform certain functions or actions on his or her behalf. There are numerous reasons why a POA is issued and for many matters, such as private matters, business transactions, financial affairs, and other situations. Legal matters involve so many complicated things that are hard to comprehend, and that is why appointing a trustworthy agent that will do the work effectively on your behalf becomes crucial.
How does a POA issue
Till now, we have discussed exactly what and how the power of attorney is crucial for legal matters. Moreover, in the luxurious city of Dubai, there are two ways you can get your POA issued without any problem! You can either go to a notary public office in person or use the online services offered by specialist POA firms like Notary Public Dubai. In addition, since it is being issued locally in Dubai, it should be certified by the Dubai Notary Public (part of the Dubai Courts). If it is issued in any foreign country, the POA is signed before a notary public in that country, and the POA is signed before a notary public in that country and must legalize the UAE embassy in that country! These small things should be kept in mind before you issue a POA.
In addition, the law says that a POA should be in Arabic. In any case where it is bilingual, Dubai courts have an additional rule that bilingual power of attorney agreements must be stamped by a qualified legal translator before being notarized. Thus, it should follow every rule that is legalized. Also, if you get your POA done by professionals, you will have to deal with fewer risks as these professionals know every tiny detail regarding third parties and government bodies. You can utilize the best of the internet and go for online services as well, which is indeed a viable option. You can opt for a trusted firm that offers such services.
Why is a POA essential
There are quite a few examples that tell us about the necessity of a POA and why there is a need for it. Well, in real estate matters, your presence matters a lot while making transactions. However, when you appoint an agent, you do not have to worry about anything related to it. Your agent will do everything on your behalf. Thus, choosing a professional, legal, and trustworthy agent is a must and should not be overlooked. Real estate dealers do not have enough time to take part in property sales or other things related to this, as it is time-consuming. This is where your agent comes into the picture and saves you from unnecessary hassle. Moreover, do not forget that they are professionals and do not have the power to sell or buy in your name. Dubai courts have put restrictions on it, and that is the reason why it is safe to begin with. Dubai Courts and Dubai Land Department (DLD) have put restrictions in place as well. They have a rule that only allows sales proceeds checks to be sent to the seller’s name, even if the POA allows the recipient to accept checks on their behalf.
What are the types of real estate attorneys in Dubai
There are many real estate attorneys, and each of them offers different services or has a specific purpose.
- General power of attorney
The general power of authority gives broad powers to the appointed agent. What exactly does this agent do in this case? Well, he takes care of all the legal duties that have fallen into his hands. This includes fulfilling legal obligations, concluding contracts, collecting rental income, paying bills, representing the donor in legal matters, and even (in the donor’s case) buying and selling real estate in the donor’s name. These agents perform various other tasks in the name of the grantor. They represent the grantor in legal matters and take care of even trivial things. Moreover, they represent the nominee before financial institutions, courts, or third parties.
- Special power of attorney
Generally, only limited power is given to the nominee for specific tasks as well as transactions. It should be noted that it is issued for just one-time issues, such as signing a contract. It is called a special power attorney as it has lower risks compared to the others, and it is terminated when a specific task is done or completed.
- Property power of attorney
As the name suggests, it is commonly used for property-related issues. What does it do? It is generally used for signing documents like sale purchase agreements, buying or selling property, or more.
Conclusion
In conclusion, the power of an attorney’s role for specific tasks cannot be overlooked. Hence, it is crucial to choose a trustworthy and reliable real estate poa in Dubai as it leads to efficient decision-making in legal matters!