Powers of attorney…can this expedite the transfer process?

Author: Sarikha Singh - AMC Hunter Inc.


Powers of Attorney are often used in property transactions where one of the parties for example, lives overseas or is out of the country for a short period of time. Using a Power of Attorney can expedite transfer, but bear in mind that certain documents such as affidavits would still have to be signed in person, and authenticated at for example, an overseas embassy. In certain circumstances the banks would allow for the signature of loan agreements and bank documents under Power of Attorney. Powers of Attorney however lapses in the event of death or mental incapacity.


In simple terms a power of attorney is defined as:

“A written document in which one person appoints another person to act as an agent on his or her behalf, thereby conferring authority on the agent to perform certain acts or functions on his or her behalf.”

  • The person granting power to the agent does so in writing and in the presence of 2 witnesses.
  • Powers of attorney executed outside the Republic must follow the correct authentication processes.
  • In terms of the Deeds Registries Act 47 of 1937, a power of attorney to transfer a property, must be registered in the Deeds office.
  • The Conveyancer attending to the transfer will add the Power of attorney to his/her lodgement set.
  • The person granting the Power can do so only if he/she is over 18 years of age and have mental capacity. The agent receiving the authority to act, must also be over the age of 18.
  • Powers of attorney can only be granted in respect of actions that the grantor already have the right and capacity to carry out, and no more.


There are two kinds of powers of attorney:

1. General Powers of Attorney

Under this Power of Attorney, the agent is given authority to act generally on behalf of someone else. A general power of attorney is wide and all-encompassing.

If a person wants the agent to sign documents or enter transactions or agreements on his or her behalf, then you a general power of attorney would be advisable. This allows the third party to authorise the transactions, agreements, or conduct various activities on behalf of the grantor and is generally used where there is a physical disability.

2. Special Power of Attorney

Under a special power of attorney, the agent is given authority to act in specific transaction and the power to act would come to an end once such action has been performed.


Termination of the Power of Attorney

A power of attorney is generally terminated when the grantor dies or becomes incapacitated. The grantor can revoke the power of attorney at any time.

Simbithi - power-of-attorney.jpg

Contact us now

Engel & Völkers KZN Dolphin Coast
Email
Back
Contact
Enter your contact details here
Thank you for your request. We will contact you shortly.

Your Engel & Völkers Team
Salutation
  • Mr.
  • Mrs.
Send now

We know the true value of your property

Do you know how much your property is currently worth? No matter if you just want to inform yourself about the current market-price, or if you wish to sell your property for the best price: our experienced marketing experts are happy to assist you with a free and non-binding valuation.
Send now
Back
Contact
Enter your contact details here
Thank you for your request. We will contact you shortly.

Your Engel & Völkers Team
Salutation
  • Mr.
  • Mrs.
Please enter the property information.
Send now

Follow us on social media



Array
(
[EUNDV] => Array
(
[67d842e2b887a402186a2820b1713d693dd854a5_csrf_offer-form] => MTM5MjE5NzU3NkJ4d29xancwTDVhZWFIRzEycXAxcW9SdElHdVBqMTdV
[67d842e2b887a402186a2820b1713d693dd854a5_csrf_contact-form] => MTM5MjE5NzU3NnlHcUR0Y2VlTXVPUndLMHZkMW9zMnRmRlgxaUcwaFVG
)
)