What super powers do you expect to utilize when you buy a house? Your Real Estate Specialists? The Loan Officers? Or maybe the Title Company? Yes, they all have some super powers. Sometimes, you may have the need to have someone else sign documents for you for any number of reasons to buy that dream house. Whatever those reasons are, a Power of Attorney is the document that will be required.
Power of Attorney documents come in all different shapes and sizes. Each dealing with their own issues and each for their own reasons. Some terminate, some do not.
- General POA- used for many reasons, and allows the person with the power to do a lot. Terminates upon death or a specific date.
- Durable POA – most often seen for medical reasons or estate planning, but has many uses. Can remain in force upon death or mental or physical incapacity.
- Specific POA- sometimes referred to as a Limited POA, is used for a specific reason for a specific time period.
For your settlement, a Specific POA is a required. For our agency, we require the names of the party giving and receiving the power 2) The property address and tax id number or legal description and 3) an expiration date. Some lenders, if using the POA for a mortgage, will even require that their name and the sales price or loan amount be shown of the POA as well.
So be aware of who you give your super powers to. Your attorney can best advise you which one will meet your specific requirements, but for the real estate transaction, we will ensure your powers are used correctly and only when needed.
By: Shannon Blatt of Title Concepts