Using a Power of Attorney to Buy or Sell a Home

Using a Power of Attorney to Buy or Sell a Home

 

When a home buyer or seller is using a power of attorney in Kentucky to buy or sell a home it is important to know what you need exactly to avoid any delays in closing. The title company handling a sale will need the original copy power of attorney. It also needs to be specific. 

 

In certain circumstances an individual may have a general power of attorney for another person allowing him/her to handle a great deal of the legal activities. Sometimes this is the case if the person for whom the transaction is occurring is physically or mentally not able, or the subject is out of the country, perhaps deployed in the military, or just not available. This type of POA is not always acceptable.

 

When using a power of attorney for a home buyer or seller it is important to contact the title company and find out exactly what they will accept. It is closing attorney's job to make sure the transaction is handled legally.  If an existing power of attorney is not acceptable the title company can remedy that before the closing takes place. The title company or closing attorney can prepare a power of attorney guaranteeing it will be correct and ensuring a smooth closing.

 

Real estate agents who know a client is using a power of attorney can and should make sure the correct form comes to closing. Most often someone buying or selling a home is not familiar with what works for a power of attorney but a seasoned real estate agent should be.  Give as much early warning as possible if your client is using a POA. Talk to the title company about the document your client has and make sure it works or help him/her get a new one. 

Comment balloon 0 commentsDora Griffin • May 14 2019 03:41PM
Using a Power of Attorney to Buy or Sell a Home
share
Using a Power of Attorney to Buy or Sell a Home When a home buyer or seller is using a power of attorney in Kentucky to buy or sell a home it is important to know what you need exactly to avoid any delays in closing. The title company handling a… more
Locking In A Custom Mortgage Interest Rate
share
Locking In A Custom Interest Rate As a mortgage broker I am always looking for ways to offer better product selection, loan processing, closing and rate options, etc. When to lock an interest rate is always a topic we discuss as part of the home… more
APRIL HOME BUYING CLASS
share
APRIL HOME BUYING CLASS more
Buying a Home - Can I borrow extra funds for repairs?
share
Buying a Home - Can I borrow extra funds for repairs? Often someone in the home buying market asks if they can borrow extra funds to repair or upgrade the home. In general the answer is NO. Lenders lend on properties at a maximum loan amount based… more
BUYING A HOME - CASH IS NOT KING
share
BUYING A HOME - CASH IS NOT KING Okay, if you are paying actual CASH for a property, yes, maybe, cash can be king. However, if you are buying a home using a mortgage loan cash is NOT king. I'm talking about literal cash here, the kind you just… more
MARCH 2019 HOME BUYING CLASS - KY and OH
share
MARCH 2019 HOME BUYING CLASS - KY and OH It's that time again! The March 2019 home buying class is set for Thursday March 21, 2019. If you are in the market to buy a home in Kentucky or Ohio then you need the information I'll give you at this… more
BUYING A HOME, CREDIT DISPUTES CAN BE PROBLEMATIC
share
BUYING A HOME, CREDIT DISPUTES CAN BE PROBLEMATIC If one is interested in buying a home I always talk to them about credit. I do this before I pull credit because I want them to have the highest score possible. Having the highest score possible… more
SPRING FORWARD MARCH 10, 2019
share
SPRING FORWARD MARCH 10, 2019 THIS SUNDAY MARCH 10 is the beginning of DAYLIGHT SAVING TIME Not all states move clocks back and forth but Kentucky and Ohio do, the markets I work in. Daylight saving time starts the second Sunday in March and… more
STUDENT LOAN DEBT & BUYING A HOME
share
STUDENT LOAN DEBT AND BUYING A HOME Compared to past generations Millennials are the most college educated. Many grew up with an understanding they would go to college and a belief going to college would enhance earnings. What many did not realize… more
Before you rocket your home mortgage
share
BEFORE YOU ROCKET YOUR HOME MORTGAGE Digital mortgages is all the craze. Many if not most lenders are now on board to get documents esigned, home buyers and those who want to refinance can apply online. Frankly a good portion of the home… more