A power of attorney is a document whereby you nominate someone to transact on your behalf. What can it be used for? For example to buy or sell houses, open bank accounts and sign documents.
Who is it done between? It can be between partners and on a reciprocal basis, giving both equal rights to effect transactions on behalf of each other. Also, this can be arranged for a third party, such as Spanish Solutions . This means that the purchasers/sellers of properties do not need to be present at the Notary when the sale takes place, as we can act on your behalf.
Can it be given to more than one person?
Power of Attorney can be given to one or two persons or more, for example, meaning that if one member of staff cannot attend the signing for a property, another person in the power of attorney can go in their place and both represent the original Buyer/Seller. Of course often it is needed for other matters like dealing with utilities, which another person might deal with.
The power of attorney is signed in the Notary, in front of the Notary and a translator in Spain. The document can be produced in Spanish, or in Spanish and English. Thus it can also be arranged in another country, but will need a Hague Apostille for international use.
Expiry dates of powers of attorney
Powers of attorney can be arranged with an expiry date. After this date the document becomes invalid. This means that the person holding Power of attorney can only transact on behalf of the individual for a limited period. Because of this, and because sometimes a problem can arise to do with a transaction later. We do not recommend using expiry dates. As a power of attorney can only be used for instructions with specific authority.
Revoking a Power of Attorney
If a power of attorney is granted for an indefinite period of time and the client wishes to revoke it, they have to return to the Notary when they desire to revoke the Power. But as we said it can only be used legally with permission. If you are buying or selling a property advise us if we can help with a power of attorney.