Power of Attorney is a legal document that is so known to everyone that it can be conveniently called a house-hold name. Everyone ranging from the land grabber to the most skilled professional talks about Power of Attorney or PO for short. The notorious abuse of this document is made more prominent the real estate professional wannabes. The truth is; the power of Attorney is a very crucial document whose relevance cannot be downplayed.
In my sojourn in the wide spectacle of Real Estate Dealings; I discovered with profound perplexity that this all important document has been terribly abused at the costly expense of Assignees and Buyers of Real Estate derivatives. Why on earth would a buyer of a vast land, who has fully and finally discharged on his obligation be given Power of Attorney as proof of purchase as against a deed of Assignment or any other instrument as required by law? Your answer is as good as mine. What I found most puzzling in all of these shenanigans is that even the buyer of real estate derivatives have been so sucked in this huge abnormally that they would give an eye to stick to it. It’s very puzzling!
IN August 2017; I took a trip to Awka, Capital of Anambra State to inspect some Properties with a client who was at the verge of taking the properties over for management. After we were done with the primate assignment; we decided to take a drive round the beautiful town of Awka. As we drove on, my client who was driving got a call from a staff member of his that a respected friend of my client was in town. My client is originally from a town annex to Awka. We then decided to take a drive to see the Chief who, according to my client is a major investor in Real Estate in Anambra, Lagos, Abuja and other major cities in Nigeria.
At the palatial residence of the High chief, we settled down to some bottles of red wine as we discussed sundry issues. Moments into our discussions, the Chief reminded my client that he didn’t remember to do any form of introduction between us. My client apologized and promptly introduced me to the chief as his Property Lawyer who came with him to Awka to access some Estate facilities for firsthand information to properly guide us in putting the Agreements together. I noticed his countenance changed with a look of curiosity clearly written all over his face. He then popped a question that almost got me reeling on the floor with laughter. I ordinarily would have excused his ignorance if my client had not introduced him to me a moment earlier as a Masters Degree holder in Mathematics. With such background; I would not expect him to ask of the business of a lawyer in buying or taking over a huge Hostel for management! I responded to his question with a question to make his ignorance profound. When I asked him who does his Paper work when he buys his Real Estate products; he further shocked me with his level of ignorance in Conveyances despite his impressive academic credentials and vast investment in Real estate.
…to be continued
