Power of attorney for the sale of an apartment - risks and pitfalls of transactions with a proxy

In the real estate market, there are situations when, in the process of selling an apartment, the buyer deals with a trustee, not the owner.

Agreements concluded with the help of a power of attorney for the sale of an apartment are not uncommon and arise for various reasons:

• the owner is abroad;
• the owner cannot be present at the transaction at the notary due to illness;
• the owner simply does not want to deal with the issue of sale, because it requires a lot of trouble and time.

In this case, the owner entrusts the sale of real estate to another person. The law of Ukraine provides for the possibility of conducting a transaction through a power of attorney for the sale of an apartment. This is a document created in written or electronic form, according to which one person transfers to another the right to represent his interests. By the way, if you decide to quickly buy an apartment in Kyiv, we recommend contacting the best luxury real estate agency THE Capital.

Although the agreement on the mandate for the sale of an apartment is a completely legal transaction, it is classified as a high-risk procedure. Unfortunately, there is no guarantee that such a sale transaction will not be challenged in the future. If you still decide to deal with a trusted person, you should be very attentive and careful, and the apartment purchase agreement itself should be drawn up through a notary public.

See also: Taxes when buying an apartment.

How is a power of attorney for the sale of an apartment issued and how much does it cost?

An agreement on a power of attorney for the sale of an apartment is a fairly common practice in the real estate market. The procedure is practically no different from the usual purchase and sale of an apartment and is completed in a similar way. If you want to sell an apartment, but you cannot be present at the transaction, by law it is possible to conduct the transaction without your participation. To do this, you need to issue a power of attorney for the sale of an apartment. There are several types of such documents:

• periodic power of attorney for the sale of an apartment — a one-time document, according to which the authorized person can perform one or more actions at a time — for example, collect documents, register or conclude an agreement on the sale of an apartment — after which the document becomes invalid;
• a special power of attorney for the sale of an apartment is issued to a representative for the implementation of many uniform legal actions an unlimited number of times. For example, renting out an apartment on behalf of the owner;
• a general power of attorney for the sale of an apartment gives another person the right to use and dispose of the property as his own - he participates in all types of transactions, receives or deposits money for them, pledges housing, and so on, if the document does not specify any restrictions.

Powers of attorney are also divided into simple written and notarial. The power of attorney for the sale of the apartment belongs to the notarial, so it must be certified by a notary. To draw up a document, you can visit the office or call a specialist at home.

See also: Power of attorney for the sale of an apartment.

It sounds convenient, but how much does a power of attorney for the sale of an apartment cost? The cost of registration in Kyiv depends on the specifics of the work performed:

• the term of the document cannot be more than 10 days;
• the need for translation into a foreign language;
• the number of authorized persons.

In order to start the registration procedure, the principal (apartment owner) must provide the following documents to the notary for a power of attorney for the sale of the apartment:

• International passport;
• ID number;
• a document confirming ownership of real estate - sales contract, will, gift, and so on.

The text of the power of attorney for the sale of the apartment is drawn up by the notary himself, taking into account the owner and the authorized person. Subscribe to our real estate blog updates and get the latest posts from THE Capital real estate agency.