A power of attorney for property management is a document that helps you to assign another person the power to access and manage your property in the case if you are not available to do so. Power of attorney Dubai offers the same services to you. In Dubai, it has become a common practice to use the power of attorney for the management of property, real estate, and buy/sell. There are a huge number of international investors who utilize the document of power of attorney Dubai to dispose and manage their investments in Dubai.
In which cases Power of Attorney can be given/utilized?
General power of attorney can be utilized only in the case when the owner is not available for any reason. There can be several reasons that might force someone to assign the power of attorney to someone else in Dubai. A person who is medically or mentally unstable can assign this power to someone else. In any case, if someone is not able to make decisions about the property, this right can be given to someone else. Mostly, people who live overseas and have assets in Dubai give power of attorney to trustable people in Dubai. It can help people manage their property, transactions, transfer, buy and sell from anywhere in the world.
To whom can I give Power of Attorney?
Power of attorney UAE can be given to those only who have resident visas of the country. It can be one of the friends, relatives, or any company that is willing to manage properties for people. A person can only utilize the power of attorney when he/she is residing in the country as a legal citizen. The person holding the power of attorney can not use it from outside the country. Having an expired resident visa or not having one can lead to the cancellation of power of attorney.
How Power of Attorney works?
Power of attorney Dubai usually gives the right to manage all the property assets owned by the principal i.e, stocks, bank accounts, real estate, etc. Following key takeaways should be considered;
- The owner can limit the rights he/she wants to give or he/she can limit the property or assets he/she wants to be managed.
- The owner can simply mention the powers he/she wants to assign in the document of power of attorney. For instance, the owner can restrict the attorney from buying or selling property.
- For the validity of the power of attorney, two witnesses, and their signatures are required on the document and at the time when the document is signed.
Things we need to keep in mind for Property Management POA
The document of power of attorney should be carefully made. Every bit of detail needs to be mentioned in the document including the specification of rights given, the total assets, and other significant details. Following things should be kept in mind for this purpose;
- Avoid Vague Language
Everything that needs to be mentioned should be written in clear words rather than putting vague material. Using vague language means being unclear about the rights given to the attorney, etc. Vague language can lead to the cancellation or rejection of the document of power of attorney by relevant authorities.
You may want to know: Online Procedure For Power Of Attorney (POA) Notarization In The UAE
- Complete Drafting
All the property details need to be mentioned in the document. The powers assigned to the attorney should be clearly listed as per the type of property. For instance, the power to lease or manage the property in different time intervals can be drafted in the document. Usually, the document is drafted in the English language, but the document of power of attorney Dubai may require an Arabic translation of the whole document. When the drafting is complete, one should get it signed, and generate original and duplicate copies of the document.
- Valid Time Period
Usually, the document of power of attorney is valid for almost 2 years. One should always ensure the validity of the document and renew it for the attorney when required in order to let him/her perform the given rights effectively.
- Issuance of Document outside UAE
Sometimes, the drafting of the document of power of attorney can be done outside the UAE, but its completion is not possible while staying abroad. The owner would have to wind the process up in the UAE before the document is given to the attorney to exercise the given rights.
Also read more: Can Power Of Attorney (POA) Be Signed Digitally In The UAE?
- Payments in the Name of the Owner only
The person who holds the document of power of attorney is able to perform actions or transactions in the name of the owner only. The attorney can not be able to accept any faults with his own name. All the receipts will take the name of the owner only. Similarly, the attorney can only use the name of the owner in the transactions relevant to the property of the owner.
Syed Hassan Ali has an experience of 13 years and is highly specialized in providing legal consulting for all types of notary requirements. By utilizing his diverse and deep knowledge, he has consistently aided individuals and organizations in finding flexible and timely solutions.