Are you wondering if you can get a power of attorney for real estate closings?
This article will cover:
Let’s dig in.
You don’t want to wrongfully lose assets that are rightfully yours. You also don’t want to risk being sued by other members of the real estate transaction. You need an experienced power of attorney lawyer who can set up your POA properly.
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A power of attorney for real estate closings gets used when a party cannot make it to closing.
Either the Seller or the Buyer can use a real estate power of attorney.
This would allow an attorney in fact to sign the closing documents for the Seller or Buyer.
There are a few key terms you should know about a power of attorney for real estate closings.
So, what is a power of attorney in real estate?
A power of attorney in real estate is a document that gives an agent the authority to:
A real estate power of attorney is also known as a limited power of attorney.
This means you give them the authority to ONLY sign the closing documents on your behalf.
And they do not have any other authority over other aspects of your life or finances.
A power of attorney for real estate closings should be specific to the property.
Your real estate POA needs to include information such as:
The powers that you give your POA for a real estate transaction are important at the closing table.
If the authority is unclear, the closing company cannot accept the POA.
And the Agent won’t be able to sign on your behalf.
An attorney can structure your real estate power of attorney so that you have zero issues at closing.
Related: Power Of Attorney vs Conservatorship
An attorney-in-fact for real estate is the person the power of attorney gives authority to.
The attorney-in-fact is also known as the Agent for a power of attorney.
The attorney-in-fact is able to sign closing documents for a real estate deal on your behalf.
This is true whether you are the Seller or the Buyer of the real estate transaction.
Normally the owner of the property and the Buyer show up at the closing table.
The first thing you should do is try to sign the closing documents yourself.
You are allowed to sign closing documents remotely.
The closing company will send a mobile notary out to visit you wherever you are at.
If this is not an available option, you should consider getting a real estate power of attorney.
You don’t need a “valid reason” to get a power of attorney for real estate transactions.
Some people don’t live in the state and they don’t feel like driving to closing.
Some people have medical conditions that don’t allow them to show up to closing.
You can get a power of attorney for real estate closings for whatever reason.
The homeowner does not need a power of attorney to sell a property.
But what if they want someone else to sell the property for them?
Or, they can’t make it to closing themselves?
In this case, they need a real estate power of attorney to sign the closing documents for them.
But, you need to make sure that the power of attorney you have allows someone to sell property for you.
No, a seller does not have to be present at closing for a real estate transaction.
A seller can get a real estate power of attorney to let someone else sign the closing documents for them.
Or, the closing company can send a mobile notary out to the seller’s location.
A seller only has to be present at closing if they don’t have a real estate POA or mobile notary.
It’s important that you precisely document the property that you need a POA for.
This includes having the address of the property and a legal description.
A legal description is a geographical description of real estate, including its:
Your attorney can create this legal description for you.
The power of attorney you choose has a lot of authority.
It’s very important that you choose someone you can trust.
This person will have the ability to:
Your attorney can mitigate risks to you by limiting the authority the Agent has.
The power you give your Agent can be as broad or narrow as you’d like.
Let’s talk about some of the authority you can give your Agent.
You need to notarize your power of attorney for real estate closings.
This is the only way that the closing company can legally accept the POA for real estate transactions.
When signing a power of attorney for real estate, you must:
The notary must see everyone sign the real estate power of attorney.
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