Power of attorney - Question for Conveyancy & Real Estate Agents

Perhaps you might but we have no confidence to sign a contract that locks us into a sale with no POA in sight and no assurance our pre-approval would be renewed.

We have been told the POA/financial management order situation could take 3mths. @Propertunity do you have experience in this area and know how long something like this could take?

 

In NSW, generally between 6 - 8 weeks. Documents can also be forwarded to the Lands office.
Hope this helps.
Remember you are under no obligation to sign the contract without the vendor producing a stamped and certified POA with said contract.

 

We use POA's on a very regular basis but by the time we see them, they're already a done deal.

 

The selling agency are not lawyers. They don't prepare contracts or give legal advice.

 

What is it the sellers are waitiing for? If a POA has not been prepared and they are waiting for an appointment by the guardianship tribunal it could take 6 months. If it is a POA it should be 24 hours or so. a POA can be registered on the spot at the land titles office.

 

@TAJ thanks for the info. even 8 week takes us out of our pre-approval timeframe.

@Terry_w we have been told: the original enduring power of attorney documents held by their previous solicitor have gone missing. At the moment, they are unaware of certified copies to register with NSW LRS.

 

In that case you the sale cannot proceed.

 

Then the problems escalate. If the original cannot be found, it cannot be stamped. A further problem exists if the property owner is no longer medically capable of signing a power of attorney, e.g., unsound mind.
Marg

 

Then you'd have to go through guardianship etc. It'd be quicker if they died and everyone squabbled over the estate.