If you are living in Ontario and have properties in your home country or any other country that you want to sell or you want to buy property in your home country or any other country, you could so without being physically present in that country to complete the transaction. You could complete the transaction by executing a specific Power of Attorney.
What is a specific Power of Attorney and how to get one?
A Power of Attorney is a legal document whereby you authorize another person to do or perform acts and deeds on your behalf.
This can be effected in the
following way:
- First step is to consider who you want to appoint as your attorney. You have to appoint someone you trust and who lives in that country. He/she could be your lawyer or real estate professional, relatives or family friends. The Power of Attorney will be executed in favour of this person who is usually referred to as ‘Attorney’ in the Power of Attorney.
- Once you have decided who will be your Attorney, have your lawyer draft the Special Power of Attorney. You will sign the Power of Attorney in the presence of two witnesses and a notary.
- In order for the Power of Attorney to be recognized in a foreign country, it is must be authenticated and legalized.
- The executed SPA will empower and duly authorize the
appointed Attorney/agent, to sign, execute and deliver the necessary conveyance and Deed of Sale/Purchase
documents for and on your behalf without you being physically present in that country.
Since the laws of each country are different, it is advisable to seek legal advice from a lawyer in the country you are buying or selling prior to preparing and executing the SPA.
Call us @905-290-7205 for more information.
January 8 2016.