Protecting Your Investment
Protect Your Investment with Vanmark
There is rarely anything that surpasses property and land purchase in importance when planning our future for ourselves and as a legacy for our loved ones. Like all structures, our property and financial plans must be supported by strong foundations that can withstand the unexpected.
We strongly recommend anyone embarking on a development project, land purchase, or joint venture should legally protect themselves and the success of the project by making a lasting power of attorney. Here are some of the reasons this is so important.
Lasting Power of Attorney (LPA) is crucial when purchasing property
An LPA allows you to appoint someone you trust as your attorney to make decisions on your behalf if you become unable to do so due to physical or mental incapacity. If you were to become incapacitated during the property purchasing process, having an LPA in place ensures that your attorney can continue with the transaction without unnecessary delays or complications.
Property management and decision-making
Buying a property involves various administrative tasks, legal requirements, and financial decisions. With an LPA for property and financial affairs, your appointed attorney can handle these matters on your behalf, such as signing contracts, making payments, and dealing with relevant institutions or professionals involved in the purchase.
Protecting your interests
Having an LPA allows your attorney to act in your best interests and protect your financial and property-related affairs. They can negotiate and enter into agreements with sellers, agents, or solicitors, ensuring that your rights and preferences are respected throughout the transaction process.
Flexibility and convenience
Purchasing property often involves time-sensitive tasks, such as exchanging contracts and completing transactions within specific deadlines. If you are unavailable or unable to handle these tasks personally, your attorney can step in and take care of them on your behalf, ensuring the process moves forward smoothly and efficiently.
Flexibility and Peace of mind
Knowing that you have a trusted person appointed as your attorney can provide peace of mind during the property-buying process. It alleviates concerns about unforeseen circumstances, such as illness or accidents, that could disrupt your ability to make decisions or complete the transaction independently.
Reducing the risk of disputes
In the absence of an LPA, if you become incapacitated, there may be uncertainty about who has the legal authority to make decisions regarding the property purchase. This can lead to disputes among family members or even legal challenges. Having a valid and up-to-date LPA eliminates ambiguity and minimizes the risk of disagreements.
Planning for the future
While purchasing property is a significant event, an LPA extends beyond this transaction. It provides a framework for managing your affairs in the long term, ensuring that someone you trust can handle your financial and property matters if you are unable to do so at any point in the future.