Power of Attorney

From: Paddy in the Paddies


As an expat. I wish to buy IP in Melb.
A buying agent would be helpful.
What about a power of attorney ?
I have no family to act in this capacity, I could perhaps impose the inconvenience and responsibility to a friend.
What are my options ?


Patosan
 
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Reply: 1
From: Kristine .


Hi,Patosan

Giving Power of Attorney is making a big 'ask' of a friend. All very well when the sun is shining, but many a friendship has broken on the rocks of a dispute.

Is there a solicitor or an accountant in Melbourne you could use, or get some information on State Trustees, Perpetual Trustees etc. Most of the Trustee companies are very well established and have been executors, trustees etc for many years.

However, your representative can only act on your instructions to sign papers etc. They can't give you advice to 'do' or 'not do' something.

If you engage a licensed buyer's agent to act on your behalf, you negotiate their engagement authority which may or may not include a negotiation authority until you have decided upon a particular property. Using the fax, it is a simple matter to update signed authorities eg during negotiation, and the mail is very quick, plus modern internet banking, there really is very little need nowadays to involve a third party for physical signatures unless you want to, or perhaps you are buying at Auction.

If you engage a licensed Agent to act on your behalf they will be able to advise you on appropriate procedures. After all, their professional experience is what prompted you to engage them in the first place!

Cheers

Kristine
 
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