Real Estate Power of Attorney
Just as every real estate transaction is unique, there are many different reasons that could require the transaction to be completed using real estate power of attorney. For example, the buyer or seller may live outside the state of Maine and be unable to make it to the closing meeting. Or the seller may have become unable to handle their affairs.
Granting someone real estate power of attorney (POA) allows them to legally stand in for the party involved, who is called the principal. Using a POA can complicate the transaction, but having an experienced real estate attorney makes the process run much more smoothly. If you’re in need of a POA for a real estate transaction, contact Hampden Title to set up a consultation
A power of attorney for a real estate transaction is a relatively simple, but legally binding, document. You should choose to grant the POA to someone you trust, like a business associate, friend, or close relative. One of our real estate attorneys will walk you through the document and ensure that the grant of authority, effective date and time, and required signatures from the principal and witnesses are all completed correctly.
Rules for Real Estate POA
To grant the power of attorney for real estate, the principal must be at least 18 years old, be in full control of their mental faculties, and understand the value of the assets that are being placed in their agent’s care. Continuing POA can be granted when the principal is no longer able to make and enact their own decisions, for example, in the case of illness.
What a POA Can Do
The agent who has been granted POA can manage the assets and oversee transactions for the principal. The POA can be granted broad decision-making power, but should be following the wishes of the principal whenever possible. The principal can also narrow the scope of the POA, for example, allowing them to simply sign the closing documents on a property for them. Contact Hampden Title to learn more about the scope and power of a POA.