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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 real estate settlement consultation, call 434-973-7474 or contact us online. Our offices are conveniently located in Charlottesville, Palmyra, Harrisonburg, and Staunton.
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