A power of attorney is an instrument where one person, a principal, appoints another person as agent to perform certain acts on the principal's behalf. However, third parties are under no legal obligation to accept a proffered power of attorney.
If you are buying, selling or refinancing property and would like to use a power of attorney for your closing, please contact us. We are happy to prepare the form for you, or evaluate an existing form, as well as have it approved by the title insurer and lender (where applicable). Title insurers have strict requirements when working with principals through agents. The requirements vary for each of the following categories of transactions—
- Real Estate Purchasers for Cash.
- Purchase or Refinance Loans.
- Sellers of Real Estate.
Please note that the law requires us to verify the principal at the time a power of attorney is used. Because principals are often not available for verification, we are always willing to explore alternative options.