October 19, 2017

Using a Power of Attorney to Close a Real Estate Transaction

IT IS BECOMING MORE DIFFICULT TO USE A POA TO CLOSE A REAL ESTATE DEAL

People who are buying or selling a house may consider having a Power of Attorney so someone else can sign for them if they are not going to be around to sign the closing documents. The use of Powers of Attorney to close purchase, sale or mortgage transactions is becoming increasingly difficult.

Much of the recent real estate and mortgage frauds have been committed using forged Powers of Attorney. As a result, banks on mortgage transactions and buyers on real estate transactions may become nervous about documents being signed under Power of Attorney. If you expect to have someone sign closing documents under Power of Attorney, make sure your lawyer is aware well in advance of the closing to ensure it will not be a problem.

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