Using Power of Attorney for an Estate Closing

If you are unable to attend a true estate closing and sign the required documents you'll have your lawyer prepare an influence of lawyer for you thereby permitting your agent to act for you at the closing.

A power of attorney could be a document within which someone appoints somebody to act as their agent and perform bound acts on their behalf. The powers which could run to your agent is terribly broad, or limited relying on the aim for giving the facility of lawyer. For example, your can provide your agent terribly broad powers to manage all your monetary affairs, or limited powers to sign documents on your behalf at a real estate closing for a particular property solely.

Sellers use a power of attorney for real estate closings more often than do purchasers. The most likely reason for this is that many purchasers' lenders are reluctant to permit the use of powers of attorney by their borrowers. If you are a purchaser and need to use a power of attorney, check with your bank and title company in advance to see what their policy is concerning powers of attorneys. If your lender does not permit the use of a power of attorney, your agent will not be authorized to sign on your behalf. Additionally, it is prudent to have the document reviewed by the title agency, as their approval is required before they will rely on it for title transfer purposes.

A power of attorney is designed to be effective until death, unless voluntarily revoked, even if you become incompetent or incapacitated. Therefore, it is imperative that you choose an agent that is trustworthy and will carry out your financial instructions properly.

If you need a power of attorney contact an experienced New York attorney to prepare one for you. After the power is prepared, you and the person that you have designated as your agent need to sign it before a notary public.