If you are a seller and you are using a Power of Attorney to Sell your Home - you need to make sure that key players in your transaction are aware of your intention to do exactly that.
If you are using an existing Power of Attorney to execute your listing agreement and contracts, your agent and their broker will need to be provided with a copy showing your authority to sign. Additionally, when you go into contract, make sure you or your agent gets a copy of the power of attorney to the title company as soon as possible for review. Powers of Attorney are not all the same and the document you hold may not provide sufficient power for you to execute escrow instructions or sign deeds. The title company will be very experienced in knowing which kind of P/A will be acceptable to complete the transaction.
Due to the age of the Power of Attorney, a title company may require that a new one be executed and an escrow instruction signed by the person giving power to authorize it's use.
Another concern is the names as they are described in the power of attorney. The name of the person giving the power must match exactly the name as they are in title to the property. For example, if Cathy McAlister gives a power of attorney for a home she owns as Catherine McAlister - the P/A would be insufficient to do the job.
Powers of Attorney are used all the time for convenience and expediency to close real estate transactions. In most cases the power of attorney will be prepared by an attorney or settlement agent as part of your closing process - Just make sure to let your agent and title know, so that the proper steps can be taken and provide you with a smooth closing. Plan ahead.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2012 ActiveRain Corp. All Rights Reserved