on 26-09-2019 10:19 AM
Traditionally, in a paper settlement if the Transfer was signed by the Vendor's attorney pursuant to a Power of Attorney (which had to be registered), the Vendor was requested to provide a copy of the registered power of attorney on or before settlement for the Purchaser to sight and confirm that the Transfer has been executed properly and will be accepted by LRS on lodgement.
Also, standard requisitions ask the following question:
Interested to know what everyone thinks on this issue. If this is covered in the ARNECC guidelines or anywhere else please advise.
on 26-09-2019 01:00 PM
I assume you are speaking about NSW. It is always helpful when you ask questions to specify jurisdiction as rules differ by jurisdiction.
Assuming NSW . . . .
Regarding client under PoA.
Please refer to clause 5.6 of the MPR. This clause provides the detail which should assist you.
Regarding your comment re; 'Standard Requisitions'.
I checked with NSW LRS. Neither NSW LRS nor I understand what you mean by:
"If the transfer or any other document to be handed over on completion is executed pursuant to a power of attorney, then at least 7 days prior to completion a copy of the registered power of attorney should be produced and found in order"
Would you please clarify.
Please contact me @GeorgePolus if you need more info.
on 26-09-2019 02:08 PM
Thank you for your response however Clause 5.6 of the MPR does not answer nor apply to my question.
The Requisition is part of the standard form of requisitions that most Solicitors/Conveyancers send to the other side in a transaction after exchange of Contracts. I am surprised the NSW LRS or your team are unaware of this standard question.
My question has not been answered but it is more of a legal one anyway so I do not see it being answered here.
P.S. I had tagged 'NSW' as a category.