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Home>Can I give power of attorney to a broker to sell my property in Dubai?
Can I give power of attorney to a broker to sell my property in Dubai?
September 6, 2023 | by admin
Can I give a power of attorney to sell my property to a broker in Dubai?
When it comes to buying, selling & managing a property in Dubai, overseas property owners often face unique challenges. However, a recent development has made the process much easier for them. By granting Power of Attorney (POA) to registered real estate brokers, Dubai property owners who are based outside the UAE can now sell their units without the need for physical presence. This article will explore how this new arrangement works and the benefits it offers to both sellers and buyers.
POA.ae is the first dedicated Power of Attorney firm in the United Arab Emirates and offers a full range of POA drafting, document clearing services, representation, and associated services. To learn more about our services and for assistance, please get in touch with us at +971 55 886 4969 (WhatsApp) or +971 4 359 3773 or email at email@example.com.
Understanding Power of Attorney in Dubai
Before diving into the details, let’s first understand what Power of Attorney means in the context of real estate transactions. Power of Attorney (POA) is a legal document that allows one person (the grantor) to authorize another person (the agent) to act on their behalf in legal matters. In this case, the grantor is the property owner, and the agent is the registered real estate broker.
The Importance of POAfor Overseas Sellers & Buyers
For Sellers, selling a property if you’re overseas can be a complex and time-consuming process. You will often face difficulties managing paperwork, coordinating with buyers, and ensuring a smooth transaction. By granting Power of Attorney (POA) to a registered broker in Dubai, these challenges are easily dealt with.
Reducing the Risk of Losing Out on Instant Deals
One of the main advantages of granting Power of Attorney (POA) is that it allows overseas sellers to reduce the risk of losing out on potential instant deals. With demand for ready homes in Dubai at an all-time high, properties are being sold quickly. By giving real estate brokers the authority to act on their behalf, overseas sellers can ensure that they don’t miss out on lucrative opportunities.
Facilitating Transactions for Overseas Buyers
For Buyers, the benefit of a POA is that it facilitates transactions for overseas buyers. Many luxury property transactions in Dubai involve buyers and sellers who are based outside the UAE. By allowing brokers to handle the necessary paperwork and legal formalities, the buying process becomes seamless for both parties.
The Role of Estate Agents in POATransactions
Until recently, real estate agents were not allowed to hold Power of Attorney (POA) from sellers & buyers. However, this restriction has been lifted, leading to a significant increase in transactions involving overseas property owners & brokers. Real Estate Agents can now offer a seamless experience to their clients, in line with Dubai’s ambitions to simplify and digitize real estate transactions.
Handling Transactions Online and Remotely
The introduction of Power of Attorney for real estate agents has also led to an increase in activity, even in the off-plan segment. Brokers can now handle Power of Attorney transactions online and remotely, making it more convenient for sellers and buyers. This flexibility has further fueled the momentum in Dubai’s real estate market.
By the most recent DLD regulations, it is permissible for a Power of Attorney (POA) to designate a real estate broker to handle a property transaction, whether it involves selling or buying a property on behalf of the principal. Nevertheless, the identical real estate agent is prohibited from acting as a broker in the same transaction. These regulations and protective measures have been put in place to prevent conflicts of interest between the POA and real estate brokers or agents, while also ensuring essential safeguards for investors.
How to Grant POAto a Broker
Granting Power of Attorney to a broker while overseas is a straightforward process. Here are the steps involved:
Prepare the Real Estate POA: Work with the Power of Attorney (POA) consultants to prepare the Real Estate Power of Attorney document, which outlines the scope of authority granted to the agent for your real estate property.
Notarize the POA: Once the Power of attorney (POA) is prepared & approved, it needs to be notarized by a notary public. The electronic notarization service or e-notary portal from Dubai Courts allows people to notarize a power of attorney from anywhere without going to the notary’s public offices.
Share the POA document and broker’s role: Send the Power of Attorney (POA) to the real estate broker. Once the broker receives the Power of Attorney (POA), they can start acting on behalf of the property owner, representing them in negotiations, signing contracts, and completing the sale transaction.
Granting Power of Attorney to registered brokers has revolutionized the way overseas property owners can sell their units in Dubai. By eliminating the need for physical presence, sellers can now take advantage of instant deals and ensure a smooth transaction process.
As the industry continues to embrace digital processes, POA is set to play a significant role in future transactions. So, if you’re an overseas property owner in Dubai looking to sell, consider exploring the option of granting Power of Attorney to a broker.
POA.ae is the first dedicated Power of Attorney firm in the United Arab Emirates and offers full range of POA drafting, documents clearing services, representation and associated services. To learn more about our services and for assistance, please get in touch with us on +971 55 886 4969 (WhatsApp) or +971 4 359 3773 or email at firstname.lastname@example.org.
Disclaimer: The content on this page is for general information purposes only and does not constitute legal advice nor should it be used as a basis for any specific action or decision. Nothing on this page is to be considered as creating a lawyer-client relationship or as rendering legal advice or legal services for any specific matter. Users of this website are advised to seek specific legal advice from their lawyer or legal counsel regarding any specific legal issues.