Hello everyone. In today’s co in today’s class, we’ll talk about the steps needed to use a power of attorney to buy or sell real estate. Ent contract This is my webpage, and my name is Tiffany Webber. As a real estate closing lawyer in Mooresville, North Carolina, I often see powers of attorney used in business transactions that involve property. So, you might be wondering what kinds are out there, how they can be used, and if you really need them. Therefore, this will be the theme of our discussion today. The first power of attorney that can be awarded is a durable power of attorney. Once again, this is something that is unique to North Carolina. If you live in a different state now, you should talk to a lawyer who is licensed to practice law in the state where you usually live about this.
In contrast, a durable power of attorney in North Carolina typically includes extensive powers that you can transfer to another person so that they can assist you when you are unable to do so yourself. Occasionally, things do not go as planned. Think about a situation where you live in a different country but need to buy or sell real estate. Additionally, someone must be physically present in the state where the transaction takes place. This person is authorized to sign legal documents on your behalf and is able to do so immediately. This is one of the most common times when a power of attorney is needed when buying or selling real estate. A plausible explanation may be that someone is ill. An estate planning lawyer will often set up a reliable power of attorney for you as part of your estate plan.
As a direct result, its strength is tremendous. Please give it a thumbs up in the video below if you enjoy it. Thanks! I am aware that you are expanding your horizons of knowledge. Let’s return to the video momentarily. In real estate deals, property-specific powers of attorney are often used along with general powers of attorney. Suppose you own five residences and are attempting to sell one of them. You should choose a person to sign the closing papers and go to the closing meeting with you. You can instead say that this person is only allowed to sign for property number one and not for properties two through five. This will keep you from giving them a lot of power over your life, including your money and property.
You can also draft a limited power of attorney with a specified termination date. So, it will be invalid after 90 days, on May 30, or whatever date you choose. Because someone will know that I will be out of town on the closing date of the deal, these kinds of terms are being used more and more in real estate contracts. I am unable to have the documents signed in advance, so I will have someone else do so on my behalf. Consequently, I will have to draft power of attorney paperwork. One thing to remember when using a power of attorney in a real estate transaction is that you should not send someone in your place to the closing appointment with a power of attorney that the closing attorney or any of the parties have never seen. You shouldn’t do this because it will make it take longer for us to get the information we need ahead of time. You should instead bring the power of attorney to the closing appointment. For a power of attorney to be legal, it must be carefully put together before it can be used.
For a power of attorney to be legal, it must be carefully put together before it can be used. So, if you are thinking about buying or selling a house or if you just signed a contract, you may get the closing date and find you can’t make it. So, if you are thinking about buying or selling a house or if you just signed a contract, you may get the closing date and find you can’t make it. So, if you are thinking about buying or selling a house or if you just signed a contract, you may get the closing date and find you can’t make it. So, if you are thinking about buying or selling a house or if you just signed a contract, you may get the closing date and find you can’t make it. So, if you are thinking about buying or selling a house or if you just signed a contract, you may get the closing date and find you can’t make it.
So, if you are thinking about buying or selling a house, or if you have just signed a contract, you may get the closing date and find you can’t make it. So, if you are thinking about buying or selling a house or if you just signed a contract, you may get the closing date and find you can’t make it. There is no other way to get the paperwork signed ahead of time. Call the closing attorney and let them know if you do not already have an attorney working on your estate documents or if you need a power of attorney written. If you don’t already have an attorney working on your estate documents, there is no other way to get the documents signed ahead of time. Your closing attorney should be able to help you with this.
You have to tell them who you want to be your agent and give them the person’s full legal name and correct spelling. The document must be signed in advance in the presence of a public notary. So, you will sign that one document wherever you are legally allowed to, and then you will send the original to the closing attorney so that it can be used and recorded in the register of deeds to make all documents signed by a power of attorney valid. The most common risks associated with using a power of attorney are simple errors that may be avoided with appropriate planning and preparation. For example, a power of attorney is required to be notarized. It’s not enough to just sign one and give it to the lawyer in charge of the closing; the document must be sworn to and signed in front of a notary public who can verify the signer’s identity.
You have made a common mistake if you have a well-written power of attorney but never give the other person the original paperwork. Since it has to be written down in the register of deeds, the original is also a very important document. This item is incapable of being duplicated. For the paperwork to be valid, the original must be given to the attorney who is handling the closing. As you may have learned today, most people don’t use powers of attorney. You will be unable to use it if you simply send a copy. And at that moment, you have wasted all of your previous efforts to gain it. As you may have learned today, most people don’t use powers of attorney. They have the potential to be very useful if they are used with enough thought and planning. These occurrences occur on a frequent basis. If you ever find yourself in a position where you must close a deal at our office, you should not be concerned.
If you call us and indicate that you need one of our items, we will respond, “No problem, we’ve got this covered.” Possibly you have never viewed any of the videos on our channel. It’s possible that you don’t know how much we enjoy making movies like this one to teach everyone involved in a real estate deal about how a real estate closing works legally. This includes buyers, sellers, and real estate agents, as well as family and friends who are excited about you buying a home. If this topic is of interest to you, feel free to subscribe to our YouTube channel. If you are interested in the housing market, we would appreciate it if you would subscribe to our channel so that we can bring you similar films in the future. Tiffany Weber is a lawyer in Morrisville, North Carolina, who focuses on real estate law.