Limited Power of Attorney

[Hulkster]

Interested whether anyone has experience in this area, before I talk to my solicitor.

Own several properties, including blocks of land that are being developed, jointly with friend. Said friend is about to go overseas for a year which makes sales difficult.

My first thought is to get ltd PofA to cover the properties to enable sales during this period.

Easy to do/act on ot difficult?

Hulkster

 

[Garry K]

Generally you can limit a POA to specfic areas eg a particular bank account, or limit it in time.

You need to check your states rules, as they can differ. eg I think in Victoria you cannot put limits on a general POA.

I suggest you get it prepared by a Solicitor.


Geekay

 

[Jas]

you might want an eduring power of attorney too.

If one of you has an accident or dies, it'll make life easeir for the other.

Talk to the lawyer about how to set it up and what limitations you want on it.

Jas

 

[Hulkster]

Thanks for the info. Much appreciated.

 

[jft]

Hulkster,

Two points for you to check on:-

In NSW & QLD a POA must be registered with the relevant land/titles office before you can complete a real estate sale/purchase transaction - the solicitors will do it for you if necessary (like everything it'll probably cost you - both legal & government fees!). I don't know the situation in other states.

There's a more subtle, insidious point I'm aware of, but unfortunately I do NOT know the definitive, correct answer - you'll need to check it with your solicitors if it is likely to apply to your circumstances. Firstly consider the situation with driver's licences - you get your licence in any state of Australia and you are then initially & automatically able to drive in any other state as well. Each state recognises each other's licences. It looks like the situation is not as clear as this when it comes to using POAs across state borders. It seems it is not clear if a POA executed in one state can be used in (or for transactions in) another state.

Cheers,
John