At GC Finance we can help you set up a Power of Attorney for various transaction. This is a legal document that allows you to nominate one or more persons or entities (referred to as an “agent” or “attorney-in-fact”) to act on behalf of you in all legal, business and financial matters.
A General Power of Attorney gives your agent the authority to do almost anything you could do if you were present, such as enter into contracts, buy and sell assets (with the exception of real estate), establish and manage companies, receiving money etc. in your name. Along with broad powers, a General POA carries a broader potential for misuse or abuse. For this reason, it is very important that the person whom you select as your agent be trustworthy.
A Power of Attorney for Real Estate Management allows you to appoint another person or entity (the agent or attorney-in-fact) to manage your real estates. This POA does not empower the agent to buy or sell a real estate on your behalf. Using this POA, you can authorize your real estate agent, relative or friend to rent out your apartment or office, sign tenancy agreements, receive rental payments, maintain your apartments, and represent you before government authorities or private entities in relation to your real estate. Such POA is normally given to a real estate broker, real estate management companies or your relatives or friends who can perform the above tasks on behalf of you.
A Power of Attorney for Buying and/or Selling Real Estate allows you to appoint another person or entity to buy and/or sell real estate on behalf of you. If you need to travel or have no time to go through the formalities of selling or purchasing a real estate, you may consider giving a Power of Attorney to another person or entity, such as our firm, who can handle the formalities for you. As per the Dubai Land Department (DLD) rules, a POA for Buying and Selling Real Estate must not be more than 2 years old. If a POA has been executed, the document has to be used within two years from the date it has come into effect. There are several other limitation with regards to such POA, which have been implemented by concerned real estate authorities to protect the real estate owners and prevent misuse of the POA
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