The Power of Attorney (PoA) is a legal document that gives an individual the right to act on behalf of another person in matters of financial and legal affairs. It is a powerful tool that can be used to make decisions and manage the affairs of a person who is unable to do so due to illness, disability, or other reasons.
One of the most common uses of a PoA is to sell a property on behalf of a loved one. This is especially useful if the person is unable to do so due to illness or disability. However, there are certain requirements that must be met in order to sell a property on behalf of a loved one.
In order to sell your loved one’s property on their behalf, the following must be true: You have been appointed as an attorney under the Lasting Power of Attorney (LPA) and its terms allow you to deal with the property and financial affairs of your loved one. The LPA has been registered with the Office of the Public Guardian.
You must also have the consent of the person who appointed you as their attorney. If the person is unable to give consent, then you must have the approval of the Court of Protection. Additionally, you must ensure that the sale of the property is in the best interests of the person who appointed you as their attorney.
If you are selling the property to a family member, then you must also ensure that the sale is at a fair market value. This means that the price of the property must be similar to what it would be if it were sold to a third party. Additionally, you must ensure that the sale is not a gift and that the family member is paying a fair price for the property.
Finally, you must ensure that all taxes and other fees associated with the sale are paid. This includes any inheritance tax or capital gains tax that may be due.
Selling a property on behalf of a loved one can be a complex process. It is important to ensure that all of the necessary requirements are met and that the sale is in the best interests of the person who appointed you as their attorney. Additionally, if you are selling the property to a family member, then you must ensure that the sale is at a fair market value and that all taxes and fees are paid.