A Power of attorney lets someone sign documents on your behalf. There is a specific power of attorney. This type is for a specific situation. These situations include things like buying or selling a specific house. There is also a general power of attorney. This type lets someone sign documents for you for a broad range of situations. Finally there is an enduring power of attorney. The enduring type lets someone sign documents for you only if you cannot make legal decisions for yourself. As a note, a general or specific power of attorney that is usable right away can also keeps letting someone use it even after you lose capacity. Without a special term in it, the power of attorney will stop being usable once you lose capacity.
When using power of attorney for real estate, there are some extra considerations to keep in mind. For example some lenders/banks/mortgage companies will not allow them to be used. Also land titles requires original copies of the power of attorney. Know that land titles will keep the original. Also, there can be some issues with Dower rights and signing property over to oneself with powers of attorney. Watch this video for more details about what to expect in these situations or our other www.Youtube.com/kahanelaw videos for other videos on power of attorney.
It is always better to discuss this issue with your lawyer as soon as it comes up so that we can make sure that your transaction runs smoothly. If you fail to do so, you may delay the closing or have the whole transaction fall apart at the last minute. Many issues regarding a power of attorney can be resolved but they may take some time so plan ahead.Our lawyers are always available to talk to and can usually help direct you in just a few moments.
A video for this topic is available on our Kahane Law YouTube channel. This link goes right to the video.