Real Estate Transactions and Powers of Attorney (what if I cannot make the closing)
Selling your home can be stressful. Between home repairs, costs, and the frustration of moving, it is enough to be a full-time job. This is usually on top of a time crunch and many deadlines. The date of the closing can feel chaotic as well. Many people are buying and selling at the same time as well as packing. For some people, they may be leaving the state or moving a good distance away. Sometimes, attending the closing can feel more of an inconvenience than a need. Luckily, there are legal documents available to you so that you do not need to be present at the sale of property. This can provide you with more time to pack, move, or even attend other needed activities. This legal document is known a Power of Attorney for Property.
What is a Power of Attorney?
A Power of Attorney for Property allows someone to step into your shoes for property (financial) matters. The person granting the authority is known as the principal, while the person stepping into your shoes for you is known as the attorney in fact. A Power of Attorney for Property can be as general or limited as needed. It is recommended in the case of a real estate closing, and this document be limited. This means that your agent would only be allowed to sign documents on your behalf which are limited to the real estate transaction. Many times, it has a clear end date starting when the power of attorney ceases.
A Power of Attorney for Property during a real estate transaction is best given to someone you trust. In many cases one’s spouse will sign on behalf of another. More commonly however, the Power of Attorney is given to your real estate attorney who will be present at the transaction already. Your attorney already has an ethical duty to represent you and your best interests. Your attorney can also properly prepare a Power of Attorney for Property for you so it is accurate to ensure efficiency. When you sell your house, you should look for an attorney who is familiar with creating Powers of Attorney for Property as well as being well versed in real estate law.