Posted: 9/6/2012 12:58:59 PM EDT
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Need suggestions for a general power of attorney or a specific power of attorney. I am leaving for basic training the 17th of this month and my wife and I are in the middle of selling our house. I want to make sure that she can sign for me on everything that may come and that she also has control of any of the financial issues that may come.
I know my bank has a general power of attorney form and they can notarize it but the legal department said that it may not cover everything in the home mortgage and title even tho its all through the same bank (wells fargo). Any suggestions? Online forms I can get notarized? Thank you in advance! |
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Talk to your real estate agent, the escrow company she uses will have a power of attorney that they recognize. That's all you are trying to do, make the title insurance company happy with respect to the real estate sale.
I can't see why the general POA you've been offered isn't sufficient for the bank accounts etc. |
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If you are active duty, then there is federal law on what must be accepted.
http://www.military.com/benefits/military-legal-matters/power-of-attorney.html But the advice preceding mine is apt and probably the least path of resistance. |
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Talk to your real estate agent, the escrow company she uses will have a power of attorney that they recognize. That's all you are trying to do, make the title insurance company happy with respect to the real estate sale. I can't see why the general POA you've been offered isn't sufficient for the bank accounts etc. Conveying real property is not as simple as bank accounts. The best method is to use overnight service to get the deed to you for signing and notarizing, then back to her for signature and settlement on the property. Putting a POA in the chain of title is NOT a favored thing since there is no way to really prove the POA had not been revoked before the deed was signed. It must be recorded with the deed, and just adds risk (real or perceived( into the chain of the of the property. It is not just the escrow agent, but state laws, lenders, etc. |
| As a 27A, I would suggest you either get to the legal office and have them prepare a real estate POA for you, it is one of hte standard ones we have, or else have the realtor prepare the state specific form and send it to you for execution. You do not want to use a GPOA if you can avoid it! Especially in a situation like this where the original needs to go with the paperwork to the deed office. |
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Quoted: Yeah it may be smarter to just sign and notarize a deed. The buyer's attorney-or whatever you hillbillies who don't use lawyers for real estate transactions useQuoted: Talk to your real estate agent, the escrow company she uses will have a power of attorney that they recognize. That's all you are trying to do, make the title insurance company happy with respect to the real estate sale. I can't see why the general POA you've been offered isn't sufficient for the bank accounts etc. Conveying real property is not as simple as bank accounts. The best method is to use overnight service to get the deed to you for signing and notarizing, then back to her for signature and settlement on the property. Putting a POA in the chain of title is NOT a favored thing since there is no way to really prove the POA had not been revoked before the deed was signed. It must be recorded with the deed, and just adds risk (real or perceived( into the chain of the of the property. It is not just the escrow agent, but state laws, lenders, etc.  -may not accept a Power of Attorney. |
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In a title insurance state, the whole goal is to make the buyer's title insurance company happy. That's all. And they uniformly prefer a notarized signature to a POA. There is NO WAY to verify a POA is still valid, one of the major weaknesses. You could hand a POA to someone, and revoke it ten minutes later. Title insurance companies often have their own specif POA and that is the only one they will accept. Just sign the real documents and use FedEx. I signed a deed sitting in a hospital bed with an IV running once. Notarized on the spot. At the settlement attorney the next morning. |
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All good advice, I believe that I mentioned the bolded part earlier as well.
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In a title insurance state, the whole goal is to make the buyer's title insurance company happy. That's all. And they uniformly prefer a notarized signature to a POA. There is NO WAY to verify a POA is still valid, one of the major weaknesses. You could hand a POA to someone, and revoke it ten minutes later. Title insurance companies often have their own specif POA and that is the only one they will accept. Just sign the real documents and use FedEx. I signed a deed sitting in a hospital bed with an IV running once. Notarized on the spot. At the settlement attorney the next morning. |
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Quoted: Quoted: Yeah it may be smarter to just sign and notarize a deed. The buyer's attorney-or whatever you hillbillies who don't use lawyers for real estate transactions useQuoted: Talk to your real estate agent, the escrow company she uses will have a power of attorney that they recognize. That's all you are trying to do, make the title insurance company happy with respect to the real estate sale. I can't see why the general POA you've been offered isn't sufficient for the bank accounts etc. Conveying real property is not as simple as bank accounts. The best method is to use overnight service to get the deed to you for signing and notarizing, then back to her for signature and settlement on the property. Putting a POA in the chain of title is NOT a favored thing since there is no way to really prove the POA had not been revoked before the deed was signed. It must be recorded with the deed, and just adds risk (real or perceived( into the chain of the of the property. It is not just the escrow agent, but state laws, lenders, etc. -may not accept a Power of Attorney.We generally won't accept a deed signed by POA unless there's a very good reason. Like if the seller is in a coma. Hell, I had to send a deed to a client in friggin' IRAQ one time because the other side wouldn't accept a POA. I also sent one to Afghanistan one time. The notary stamp simply identified the clerk who notarized it and said "United States Armed Forces/Undisclosed Location/Southwest Asia." That was pretty cool.
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Quoted: Quoted: In a title insurance state, the whole goal is to make the buyer's title insurance company happy. That's all. And they uniformly prefer a notarized signature to a POA. There is NO WAY to verify a POA is still valid, one of the major weaknesses. You could hand a POA to someone, and revoke it ten minutes later. Title insurance companies often have their own specif POA and that is the only one they will accept. Just sign the real documents and use FedEx. I signed a deed sitting in a hospital bed with an IV running once. Notarized on the spot. At the settlement attorney the next morning. Here it's pretty much illegal for any business entity to refuse to accept a statutory short form POA. In fact, it's explicitly illegal here for a company to require their own version of a POA. Other states may have similar laws. |
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In a title insurance state, the whole goal is to make the buyer's title insurance company happy. That's all. And they uniformly prefer a notarized signature to a POA. There is NO WAY to verify a POA is still valid, one of the major weaknesses. You could hand a POA to someone, and revoke it ten minutes later. Title insurance companies often have their own specif POA and that is the only one they will accept. Just sign the real documents and use FedEx. I signed a deed sitting in a hospital bed with an IV running once. Notarized on the spot. At the settlement attorney the next morning. Here it's pretty much illegal for any business entity to refuse to accept a statutory short form POA. In fact, it's explicitly illegal here for a company to require their own version of a POA. Other states may have similar laws. The attorney running a settlement is unlikely to be covered by such a law. Overnight the documents back and forth. POAs in the chain of title are a BAD idea. |
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In a title insurance state, the whole goal is to make the buyer's title insurance company happy. That's all. And they uniformly prefer a notarized signature to a POA. There is NO WAY to verify a POA is still valid, one of the major weaknesses. You could hand a POA to someone, and revoke it ten minutes later. Title insurance companies often have their own specif POA and that is the only one they will accept. Just sign the real documents and use FedEx. I signed a deed sitting in a hospital bed with an IV running once. Notarized on the spot. At the settlement attorney the next morning. Here it's pretty much illegal for any business entity to refuse to accept a statutory short form POA. In fact, it's explicitly illegal here for a company to require their own version of a POA. Other states may have similar laws. I assume you are referring to New York law. In the states I'm familiar with, certain regulated industries, mostly financial, are required to accept POA's but that does not apply in the kind of situation we are discussing. If Washington state law has such a provision, I am not familiar with it. |
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Quoted: Quoted: Quoted: Quoted: In a title insurance state, the whole goal is to make the buyer's title insurance company happy. That's all. And they uniformly prefer a notarized signature to a POA. There is NO WAY to verify a POA is still valid, one of the major weaknesses. You could hand a POA to someone, and revoke it ten minutes later. Title insurance companies often have their own specif POA and that is the only one they will accept. Just sign the real documents and use FedEx. I signed a deed sitting in a hospital bed with an IV running once. Notarized on the spot. At the settlement attorney the next morning. Here it's pretty much illegal for any business entity to refuse to accept a statutory short form POA. In fact, it's explicitly illegal here for a company to require their own version of a POA. Other states may have similar laws. I assume you are referring to New York law. In the states I'm familiar with, certain regulated industries, mostly financial, are required to accept POA's but that does not apply in the kind of situation we are discussing. If Washington state law has such a provision, I am not familiar with it. Yes, "here" refers to New York. It used to be just financial institutions here, but the laws regarding POA acceptance changed when they introduced our (terrible) new statutory short form POA. |