Buyers power of attorney to cancel warning note
- Buying an apartment in Israel
- Contract Structure
The buyer will also sign a power of attorney at the same time as signing the contract, and here too one possibility is that the power of attorney will remain with the buyer’s power of attorney which will be transferred to the seller’s power of attorney under such and other conditions.
Alternatively, the power of attorney will remain with the seller’s proxy or even with a third party as specified above.
The power of attorney will be used first and foremost to revoke the cautionary note recorded in his favor.
The use of the power of attorney will only be made if a fundamental breach of the contract of sale has been committed.
The use of a power of attorney can be restricted in a number of ways:
It can be determined that only after the buyer has breached the contract a fundamental breach that has not been rectified within 14 days from the date of receipt of written notice thereof, the power of attorney will be used.
It is important to give the buyer time to rectify the breach and also to give him sufficient time to apply to the court, in order to try and get a restraining order that will prevent the seller from using the power of attorney for the purpose of revoking the cautionary note.
It is not possible to completely cancel all traces of the agreement through the power of attorney. In order to cancel the transaction with the tax authorities, the parties themselves must sign appropriate affidavits. A proxy cannot sign an affidavit.