If you are selling a property in Bulgaria, you might wonder if you need a power of attorney to complete the sale. Of course, having any kind of legal document drafted does constitute a bit of work, so you want to be sure that you need the document before you actually go through with the process. The answer to the question is a simple yes, of course, but the entire process is far more complex than that. Not only do you need a power of attorney, but you need it constructed in a very specific manner.
Why You Need a Power of Attorney in Bulgaria
Selling a piece of property in Bulgaria is akin to selling a property anywhere else - the person who owns the property actually has to conduct the sale. If you are not going to be present, you need to make sure that someone in the country is able to sign the necessary documents and conduct that sale legally. The best way to do so is with the Power of Attorney, a document that gives that person or agency the right to conduct that business on your behalf. This sort of Power of Attorney does not give the seller the power over all of your affairs - only that particular sale in Bulgaria.
Power of Attorney Considerations
When you choose to have a power of attorney drafted, you need to make sure that you can trust the individual or agency to whom you have given that power. While Bulgaria may not be a world away, you should still remember that you are dealing with a legal transaction in another country. As such, it is important that you are able to trust the person undertaking the sale in your name with your property and your profits. Before you give over that power of attorney, make sure that...
- You speak to others with whom this individual or agency has worked. If you are not working with a close associate, you need to know that the individual handling your property can be trusted. If you cannot get the contact information for former clients, you need to move on to a different agency.
- You are able to stay in communication with this individual or agency. You need to know the closing date for your property sale, the amount that you should receive and when you should receive it. If anything delays the date, you should make sure that you are given proof that the property is still in your name and has not been sold.
- You feel comfortable with the individual to whom you have granted the power. Power of Attorney is a major issue when it comes to selling a property in Bulgaria, so make sure that you do not keep yourself up at night worrying about whether you have made the right choice. If you can maintain contact with the selling agency and you feel that you can communicate about any issues that might arise, you will have an easier time waiting on your property to be sold.
Finding the Right Agent
If you are going to sell any kind of property in Bulgaria, you have to work with a trusted agent. Make sure that you file for a Power of Attorney so that the sale can be finalized without your presence, and always make sure that you think carefully before you sign over that power. If you work with the right agency and you make sure that all of your legal ducks are in a row, you should be able to make it through the process and receive your profits in a timely manner.