When selling your Bulgarian property you may be asked to give your Power of Attorney to your agent or Lawyer.
While is a perfectly normal practice you do need to be aware of the potential Dangers of giving your Power of Attorney to anyone.
A prime example of the Dangers of giving your Power of Attorney to anyone came to light recently when we found a Buyer for one of our clients properties in Sunny Beach, Bulgaria.
We received a copy of the clients Notary Deeds to give the purchasers lawyer. As soon as the lawyer checked with the land registry he found that the clients property had been sold months earlier.
Needless to say the owner was shocked when we delivered this horrible news.
It transpired that he had given his Power of Attorney to someone in Bulgaria in early 2012. They had told him that they needed his Power of Attorney to carry out some renovations on his property.
Apart from the fact that our clients property had been sold without his knowledge which goes without saying was horrible, insult to injury was added to by the fact that the person he had given the Power of Attorney to was still in contact with him and telling him that he hoped to find a Buyer soon.
This is an extreme example but a very real one. We must however point out that the majority of people in this industry are people of the highest integrity but as with any industry there may always be people that you need to be on your guard for.
When you issue someone your Power of Attorney they in effect for legal purposes become you. Power of Attorney Documents can be as specific or vague as you want them to be so do make sure that you are comfortable with the text of the documents before signing them.
One safe guard that we would recommend would be to ask who ever you are dealing with if they can give you the name and contact details of other clients that they have represented so that you can call them to ask if they had a good experience.
You must be aware of the Dangers of giving your Power of Attorney to anyone. We have seen examples of property owners who have given their Power of Attorney to people they have never met without even asking for a reference from previous clients, while the majority of these cases have always worked out perfectly there is always a risk and you need to do all you can to remove this risk.
When Appreciating Assets receive a Power of Attorney from one of our clients we will always ask the clients to read the documents carefully and come back to us with any questions they have. We will also offer them the opportunity to speak with other clients that we have worked with from their development. If we have not worked with any other clients from their development we will provide them with the contact details of other property owners we have sold properties for so that they can discuss the service we provided.
Finally we will also issue them with a signed document from our office confirming that we accept that we have only been given the clients Power of Attorney for the specific purpose of closing their sale and that we accept full responsibility for the property until such time as the agreed amount of money has been transferred to the bank account specified by the client.
In the event that a sale falls through, we would inform the client immediately and agree not use the Power of Attorney for any further activities until we have been given our clients authority to do so in writing.
If you have given your Power of Attorney to anyone for the purposes of selling your property and have not yet received your payment, we would strongly recommend that you make contact with them immediately and ask them to confirm to you in writing that your property is still completely in your name and that ownership has not been transferred.
Please do not underestimate the the Dangers of giving your Power of Attorney to anyone.
If you are concerned about this issue, please contact us and our in-house Lawyer will be happy to do a Land Registry search for you free of charge. Don’t worry you will not need to give us your Power of Attorney for this.
To contact Appreciating Assets about this or any other matter related to Bulgarian Property please contact us email@example.com