Power of attorney - the salvation of a busy investor

Ask a friend to grab batteries for a mouse and buy an apartment - do you find something in common? In both cases, you trust your loved one with a request to perform an action that is important to you, which for some reason you cannot carry out on your own. The only difference is that they will sell the batteries to your friend without a power of attorney, but with real estate everything will be a little more complicated. How to draw up this marvelous document that allows your friends to decide the fate of your apartments and houses without your direct participation? Easier than it might seem.

Why issue a power of attorney if you can do everything yourself?

If you could cope with pressing matters yourself, such a question would not arise. It is not always possible to find a minute to resolve even the most important issues. An agreement between the principal and the attorney can be concluded in several cases:

• buying and selling real estate can be done equally quickly and easily, either with or without you. The authorized person has all the necessary powers to sign contracts, transfer or receive money and keys. Without taking part in the deal, you will reap all its benefits, be it new apartments or a tidy sum for your old ones
• We hope you never have to go to court for real estate proceedings, but it is worth mentioning that even in this case you can seek help from another person who can represent your interests
• Even if you already have real estate, and you do not plan to part with it for any money, the help of your neighbor will not be superfluous. Re-registration and registration property rights is carried out subject to the availability of all necessary documents, your presence is not necessary
• the same applies to other documents related to real estate, such as extracts, certificates, etc.
• The process of acquiring square meters may be somewhat delayed, thereby making your parting with money less painful and abrupt. We are talking about loans, mortgages and installments. If for some reason you are unable to personally fulfill obligations and carry out transactions, a power of attorney will help you temporarily shift the necessary processes onto the shoulders of another person
• just like we offer you a unique property management service, a power of attorney allows you to delegate your responsibilities for maintaining your home and renting it out to your loved ones

💡 Whatever power of attorney you issue, it is necessary to clearly indicate the list of powers, responsibilities and conditions so that your authorized person does only what you expect from him.

What documents will need to be prepared?

To register a power of attorney with a notary, you will need a standard set of documents, as with most real estate transactions:

• principal's passport
• taxpayer identification number (TIN) of the principal
• documents of title to real estate, such as ownership, purchase and sale agreement, deed of gift, inheritance
• if the property is jointly acquired during marriage, a notarized consent of your significant other will be required
• in some cases it may be necessary real estate valuation
• in some situations, you may be required to provide other documents, which the notary will inform you about in advance

You will probably be pleased to know that the presence of an attorney is not at all mandatory. It will be enough to indicate his details and current address. You won't have to adapt to each other for this important event.

Step by step: procedure for issuing a power of attorney

Perhaps the most difficult task when drawing up a power of attorney is to find a person on whom you can completely rely. Everything else will take you a few days:

1. Decide what kind of power of attorney you need.
2. Consult with a notary to determine what documents may be needed to grant the attorney specific authority.
3. Prepare all necessary documents.
4. The notary will help you correctly draft the text of the power of attorney.
5. Double-check all the information and sign the document.
6. The notary certifies the document you signed.
7. Don’t forget to pay the expert for his services (the average cost of registration starts from 500 UAH).
8. You receive a certified power of attorney and can use it for its intended purpose.

The power of attorney contains information such as the date and city of issue, passport details and TIN of the parties, information about the object and the powers of the attorney. If necessary, you can specify several trustees who will act in your interests separately from each other.

Boundaries of the power of attorney: execution outside the home country

In view of recent events in Ukraine, this issue is especially relevant. It can be resolved remotely. To do this, go to:

• to the Ukrainian consulate. With an already familiar set of documents, visit representatives of your native state. They will help you draw up a power of attorney in Ukrainian without any problems. No additional certification required by a notary
• to your local notary. Not so simple, but still an effective option. The document is drawn up in the language of the country in which you are staying, so you need to legalize it with the help of the same consulate, and the attorney will have to translate and certify it with a Ukrainian notary

Having a power of attorney in hand, your loved one will be able to contact us for advice, and together we will make your dream of apartment in the center of Kyiv, o country house with a fireplace and a garden or any other property. Don't put off until tomorrow what can make your life better at any moment.