The Problem with Real Estate Transactions and Powers of Attorney

Real Estate Transactions and Powers of Attorney

I do not know why, but we have seen, and experienced, an unusual uptick in the use of Powers of Attorney by people buying and selling real estate. I do not know if it is a coincidental increase in the frequency and will pass as an anomaly, or whether the public is expecting that real estate transactions will be held remotely, through a Power of Attorney, as opposed to the “old model” of everyone showing up at the settlement table. Powers of Attorney are, of course, appropriate when either the Seller (most likely) or the Buyer (less likely) are incapable of attending closing by reason of living out of state/out of the country, traveling or incapacitated by a medical condition. Unfortunately, we are seeing more and more instances of Powers of Attorney being used by people who just plain do not want to be bothered with attending closing. This creates a problem.

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OWM Blog – Power of Attorney vs. Guardianship

power of attorney vs. guardianship

If you or a loved one becomes disabled or incapacitated and there is no power of attorney in place, then a guardian may need to be appointed by the court to care for you and manage your financial affairs.  Upon appointment of a guardian, you lose certain legal rights to act on your own behalf, and the guardian will be empowered to act for you.

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