Real Estate Power of Attorney
A power of attorney allows an agent (another person) to act on behalf of a principal (you). When a principal signs and grants a power of attorney, he grants either general or limited authority to the agent. The limited (also known as “specific”) power of attorney restricts the scope to the agent’s activities.
A limited power of attorney specifies the authority the agent will have. The principal lists all the matters for which the agent will make decisions, sign documents or give instructions. Often, a limited power of attorney covers only a single process or matter; for example, a contract signing which the principal is unable to carry out due to absence or illness. In the case of the power of attorney, EasyDocs123.com will prepare within the limit of a single real estate transaction.
In more detail, you will be granted the power to:
- Execute and deliver any and all documents necessary to purchase/sell/refinance the Property;
- Execute and deliver any and all documents at the closing on the Property including, but not limited to any mortgage, promissory note, settlement statement, loan commitment, truth-in-lending document or statement, and/or any other documents necessary to proceed with the closing on the Property;
- Execute and deliver any and all deeds, deeds of trust, and/or deeds to secure debt;
- Execute and deliver any and all receipts or bills of sale;
- Execute and deliver any and all contracts, agreements, or contractual arrangements necessary for the closing, payment of the pay-off amount, or any post-closing service;
- Endorse and deliver any checks, money orders, or other form of payment necessary to close on the transaction associated with the Property;
- Execute any document which will, if necessary to the closing, encumber the Property;
- Initiate and complete any wire transfer necessary to close on the transaction associated with the Property;
- Negotiate, execute, and deliver any and all leases or rental agreements concerning the Property;
- Manage the Property and in doing so has the authority to enter into any and all contracts or agreements for the maintenance of the Property;
- Execute and deliver any and all contacts or agreements for utilities on the Property;
In most states the powers are laid out in a paragraph similar to this one:
I, GRANTOR, hereby make, constitute and appoint my aforesaid Attorney-in-Fact to make, endorse, receive, sign, seal, execute, acknowledge and accept and deliver any and all deeds, deeds of trust, notes, checks, receipts, releases, warranties, affidavits, contracts, addenda, settlement statements, loan commitments, disclosures documents, truth-in-lending statements and any and all forms of commercial papers and endorsements to checks or the like and any such other instrument in writing of whatever kind, character and nature as may be necessary to complete the purchase/sale/refinancing arrangements, and the settlement process for the aforesaid premises.
MD, SC, NJ, KY, WA and PA vary slightly per state requirements and say about the same thing. All are specific and limited to the property described therein and the refinance, purchase or sell of that property.
The principal must sign, date and have witnessed the limited power of attorney, which must set out in detail the scope of the agent’s authority. This includes specific information on the accounts, negotiations or other mechanisms by which the agent may operate. Most limited powers of attorney also contain a revocation clause, which the principal may sign and date at any time in order to void the document and bring the agent’s authorities to an end
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