A power of attorney is an authority conferred on an individual to act or manage the financial affairs of another as their agent, and is commonly used when property is transferred.
Upon signing the contract for sale/purchase the power of attorney is not required to be registered, provided there is a prior executed agreement between the agent and principal and the corresponding instrument number is written on the contract.
However, if the power of attorney is acting on behalf of the vendor, and the transfer documents will be executed by the agent, the agreement must be registered with Department of Natural Resources (DNR).
The process of registering a power of attorney takes approximately 10 days, and accordingly it is best practice to inform the solicitor soon after the contract is executed so that settlement can proceed on the date stipulated under the contract.
If the transfer documents are incorrectly executed, then DNR will reject the transfer and the sale/purchase will not take place until the vendor can execute the transfer or the power of attorney is registered.
A solicitor is required to witness and prepare the required documents to register a power of attorney and accordingly, if a solicitor is retained at the beginning of a conveyance this will save all parties time and costs.
If you have any questions pertaining to executing a contract of sale/purchase under a power of attorney,
please do not hesitate to contact one of our friendly staff for assistance or advice.