There have recently been many questions, issues and potential title/legal ‘fires’ regarding Powers of Attorney and how they work in the sale of real property.
Here are some of the more IMPORTANT FACTS regarding Powers of Attorney:
1. There are different types of Powers of Attorney for different and specific purposes.
2. In most cases, title companies will require a Specific Power of Attorney granting a Specified Attorney in Fact the authority to act as a representative to sell a specified parcel of property.
3. A Power of Attorney cannot be used to act on behalf of a trustee of a trust.
4. All Power of Attorney documentation should be reviewed (verified) before entering into any sort of real estate contract/agreement. Similarly, most title companies will require a copy of this documentation to determine its valid application to the transaction at hand.
5. Most title companies WILL NOT accept a Power of Attorney that is older than two years.
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