Power of attorney for property purchase allows your lawyer to manage the rental of the property for the period you will not be returning.
We have been viewing properties in Spain and have found the perfect one – on our last day in Spain! Is it a good idea to arrange a power of attorney to complete the property purchase?
This is a very common situation, and logical when you consider that it is unlikely that you will buy the first property that you see. Should you wish to buy a particular property, but aren’t stay in Spain long enough to complete the purchase personally, it is always possible to draft a ‘special’ power of attorney, that includes the power to purchase a property and administer estates, in favour of your lawyer, that will permit your lawyer to complete the purchase on your behalf.
With such a power of attorney, your lawyer can manage the purchase of the property in your name without the need for you to be physically present. After creating the power of attorney, your lawyer will ensure that they have all of the relevant details necessary to properly act on your behalf, such as the specific property you wish to purchase as well as the purchase price.
Use Power of Attorney for Multiple Purposes
With this type of power of attorney, your lawyer can also manage the rental of the property to a third party for the period that you will not be in Spain as well as manage those aspects necessary for the upkeep of the property, including payment of non-resident property tax.
The approximate cost of arranging a power of attorney in a public notary’s office is around 90€, not including the lawyer’s fees for drafting the power according to your specific requirements. Once the power of attorney has been drafted by your lawyer and sent to the notary’s office, you just need to turn-up with your passport or NIE and the process takes about 10 minutes.
A power of attorney can be limited in time and is usually limited as to the extent of the powers that are conferred. The power can also be revoked by creating an appropriate document in any notary office.
This is obviously an ideal solution to those who have to leave Spain immediately but don’t want to lose a property they have set their heart on. Likewise those with mobility issues or who simply don’t wish to travel to simply sign the deeds of purchase will find this a convenient way to secure their home in Spain.