non-enduring power of attorney(POA)

You would want to restrict it to a specific property and amount.

Why do you want to give them a POA?

Oh my. Can’t see myself signing such a POA 😱😱😱

Is this for a specific property and maximum price or are you giving someone a blank cheque to represent you in any auction at any price? 😳

Terryw wrote:

Sark0605 wrote:

I understand it is required so they can represent me in auctions ?

It’s one way of doing it but there are others. You could just sign the contract yourself, appoint them as your agent or they could act as your nominee.

Terry is right there are other options. Some Sydney BA’s might do this as they do so many and things move quickly enough to justify, I prefer not to as a general rule (nearly did once with an overseas client but bought private treaty instead in the end and used mighty express post) As long as contracts can be signed and sent and deposits paid from offsite you can often get around it. The other reason might be concealing of identity if for some reason the vendor would be influenced by who the buyer is and wont sell or would inflate the price.

If you do end up using a POA – make sure you keep the original POA document as this will generally be required to be provided to the lender during the finance process/prior to settlement. If you throw it out/scan and get rid of the original you can leave yourself in a pretty tricky spot.