Power of attorney to sign property docs on my behalf

[b simpson]

I work in a remote location FIFO and the incoming mail takes about 2 weeks to get here. I'm not sure how long the outgoing mail takes, however I might be able to pass them onto someone flying out that day.

I am looking to buy 2-3 properties per year and only just begun. For my first IP the RE said the contract is very big and she cannot email it. I arranged extra time in Perth but looks like the contract will be delayed so I need to make a plan B.

I can see this is going to be an ongoing drama down the track for all related documents. Also it is very hard for me to make a quick offer, sign contract, pay deposit and snap up a good deal when I have all these issues. Sometimes I might like to buy site unseen without leaving site.

I have phone, email, fax and JP at work.

What i want to do is arrange one of my parents in sydney to be power of attorney to sign all docs on my behalf.

What are the pro's/con's and costs for doing so? Alternatively any services I could use to get the originals sent to so they can scan and email them to me?

 

[Aaron_C]

Yes it can be done but PLEASE tell your broker that this is how you are going to do it - as a power of attorney can change the choice of lender / loan docs to be issued.

 

[b simpson]

For this first property, it's probably too late to start up a power of attorney. I will endeavour to find someone in Perth to bring it to site for me. With 6000 people on site that should be ok I just don't want to constantly ask favours of people.

I would like to get a system in place for IP 2 in a couple of months.

What if I used the PA for the contract, but got the loan docs faxed signed and JP witnessed? Just looking at all options available.

 

[HotRod]

I've done the O&A thing by email and fax no problems (except where the copies start to grain out and the banks can't see the details).

Got an EPA for instances where I can't sign the required docs such as loan docs or transfer docs.

If in WA you'll need to get it registered with Landgate, costs about $168, within 3 months of executing it.

The EPA would normally be drawn up by a lawyer (cost me about $300), but my conveyancor said he could have done it for less.

 

[Peter_Tersteeg]

POAs can be a bit of a pain in the neck from a finance perspective and you need to be upfront about it right from the begining or simply not bother. Some lenders do things quite differently when there's a POA involved.

In the past we have often managed to get the loan documents emailed to the client. They settle based on scanned copies with the assurance that the originals are in the mail. The lawyers do want the origional ink on their documents.

The other thing that tends to work quite well is to simply negotiate 60 or more days for settlement and get the finance done quickly on the understanding that the documentation process may take a few weeks. If you're FIFO on a fortnightly roster it can usually be managed around this schedule.

 

[Terry_w]

Many lenders will not accept loan documents signed under a POA. CBA is one I have had problems with in the past. ANZ have been ok a few years ago.

 

[b simpson]

Thanks for the info everyone much appreciated.

My residence is officially NSW, however I have a WA drivers licence for working purposes. How long would the process take and do I just contact a NSW lawyer to arrange for me?

My roster is 26/9 and I would rather not waste those 9 days running around doing paperwork if it can be avoided. Might get a POA arranged as a backup plan just to give me more options.

And on a related note are companies who don't accept PDF emails but do accept faxes. I was at a motor registry and asked if I could email a document. They said it must be faxed. I pulled out my mobile, emailed the document to an email/fax client which faxed it to their network printer in the office and spat out the document. I did this in front of the clerk and she was stunned. Quite simply really...

 

[Terry_w]

Thanks for the info everyone much appreciated.

My residence is officially NSW, however I have a WA drivers licence for working purposes. How long would the process take and do I just contact a NSW lawyer to arrange for me?

My roster is 26/9 and I would rather not waste those 9 days running around doing paperwork if it can be avoided. Might get a POA arranged as a backup plan just to give me more options.

And on a related note are companies who don't accept PDF emails but do accept faxes. I was at a motor registry and asked if I could email a document. They said it must be faxed. I pulled out my mobile, emailed the document to an email/fax client which faxed it to their network printer in the office and spat out the document. I did this in front of the clerk and she was stunned. Quite simply really...

You will need to see a solicitor face to face for the POA.

 

[JPS25]

I have signed bank loan docs using a POA on behalf of my husband. My POA needed to be placed on file with the bank we got the loan from and it also has to be registered with the land registry office for use with the buying or selling process of property. Your solicitor/conveyance will also need a copy on their file of the POA for your appointed attorney to be able to act on your behalf.
I have signed lease and other associated documents as needed on his behalf using my POA.

 

[Brady]

Many lenders will not accept loan documents signed under a POA. CBA is one I have had problems with in the past. ANZ have been ok a few years ago.

CBA will, done one two weeks ago.

POA needs to be lodged with the lands title office, need the registration number.

Must be approved by credit

Mortgage documents must be prepared with POA section.

POA must sign the mortgage documents, but the purchaser must still accept the loan contract, this can be done via email if genuine reason why can't have originals.

Also POA will need to be identified, drivers licence is fine.

Loan was completed for client living in Katar earning AUE which was used as income used for servicing. Was a fun deal to get settled in 3 weeks

 

[Terry_w]

CBA will, done one two weeks ago.

POA needs to be lodged with the lands title office, need the registration number.

Must be approved by credit

Mortgage documents must be prepared with POA section.

POA must sign the mortgage documents, but the purchaser must still accept the loan contract, this can be done via email if genuine reason why can't have originals.

Also POA will need to be identified, drivers licence is fine.

Loan was completed for client living in Katar earning AUE which was used as income used for servicing. Was a fun deal to get settled in 3 weeks

Good to know. A few years ago I went through hell trying to get the CBA to accept one for a law client of mine. In the end the client returned just in time.

 

[itinerantotter]

I have signed bank loan docs using a POA on behalf of my husband. My POA needed to be placed on file with the bank we got the loan from and it also has to be registered with the land registry office for use with the buying or selling process of property. Your solicitor/conveyance will also need a copy on their file of the POA for your appointed attorney to be able to act on your behalf.
I have signed lease and other associated documents as needed on his behalf using my POA.

Exactly the same for me. In fact, my husband hasn't even seen half of our properties .

cheers

 

[JPS25]

Yep know what you mean there, as like the original poster my hubby also works in WA 4 on 1 off. So having a POA in place really helps us to be able to move forward. So long as it is registered and also on file with the bank and solicitor it makes things easy. Also helps to let all parties concerned know in case of the contract etc also needing to be signed by POA. Can't see it be any different using a broker just one more person that needs a signed copy by a JP of the POA so that they have it to supply the bank with.
The POA would have to be set up by a solicitor with both parties present to sign, it then has to be lodged to be registered before it can be used for property related circumstances.