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Specific Powers of Attorney can be a useful legal tool for many clients buying and selling real estate. Some pointers about using Specific Powers of Attorney for real estate transactions are as follows:
- Most lenders prohibit Settlement Attorneys and/or other related parties (e.g., realtors) from serving as POAs: plan accordingly.
- The contract should name the actual Purchaser or Seller as the parties — not who maybe signing as POA.
- Sometimes a General Power of Attorney may be allowed for a sale. It depends on the terms of the General POAs, which usually provide real estate transactions.
- If the POA is being used for a Purchaser, then a Specific POA will be necessary.
- Lenders and title companies have the ultimate say in whether or not a POA is acceptable, so the sooner you receive their approvals, the better.
- POAs are not normally allowed for LLCs, Corporations or Trusts.
The tip: Complete comprehension of POA processes simplifies closings and prevents timely delays. If a Specific Power of Attorney is needed for a transaction, the sooner the POA can be prepared and reviewed, the better off we are.
Written by Attorney William D. Tucker, III
To schedule your initial consultation, call 434-973-7474 or contact us online. Our offices are conveniently located in Charlottesville, Palmyra, Harrisonburg, and Staunton.
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