An irrevocable power of attorney in a real estate transaction: what it secures
An irrevocable power of attorney in a 30-second video
Video transcript
3 things worth knowing about an irrevocable power of attorney. It is irrevocable because it secures the buyer's right to be registered, and so it survives even if the seller changes his mind. In a real estate transaction it requires notarial authentication, and if it is granted to advocates only, authentication by an advocate is sufficient. However, it does not transfer ownership and it does not replace a cautionary note: what completes the transaction is registration.
In brief
An irrevocable power of attorney secures the buyer's right to be registered, so it survives even if the seller changes his mind. In a real estate transaction it requires notarial authentication, although if it is given to lawyers only, authentication by a lawyer is sufficient. But it does not transfer ownership and does not replace a cautionary note: what completes the transaction is registration.
The full explanation: Irrevocable power of attorney in a real estate transaction: what it secures and what it does not. Almost every real estate transaction includes one, and most parties sign it without knowing exactly what they have signed. It is a powerful document, but it protects only certain things.
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