Here are some of the more IMPORTANT FACTS regarding Powers of Attorney:
1. There are different types of Powers of Attorney for different and specific purposes.
2. For the purpose of the transfer of title to real property, a Power of Attorney is defined as an instrument executed by a natural person having the capacity to contract, authorizing another to act as one’s agent or attorney.
3. In most cases, title companies will require a Specific Power of Attorney granting a Specified Attorney in Fact the authority to act as a representative to sell, hypothecate and/or encumber a specified parcel of property.
4. A Power of Attorney cannot be used to act on behalf of a trustee of a trust.
5. All Power of Attorney documentation should be reviewed (verified) before entering into any sort of real estate contract/agreement. Similarly, most title companies will require a copy of this documentation to determine its valid application to the transaction at hand.
6. Most title companies WILL NOT accept a Power of Attorney that is older than two years.
For more information contact your Western Resources Title Representative today.