Over my career as a Locust Grove Realtor ®, I have had the opportunity to help many families sell a home. Sometimes these families were selling a home for a relative who needed someone to make real estate related decisions for the relative. These family members often had a real estate power of attorney agreement in place with the relative. While the circumstances surrounding a person who needs assistance in selling a home can be tough, knowing that there is someone who can step in and act on the best interests of the person can help to eliminate some of the stress.
What is a real estate power of attorney?
A real estate power of attorney, or POA, is a legal document that permits a person the ability to buy, sell, or manage real estate on an individual’s behalf. In cases where a medical diagnosis or illness affected a homeowner to the extent that the homeowner could no longer be present at meetings or appointments, a relative with a power of attorney can step in to help. This document is an agreement between the individual and the person who the individual names as their POA.
Who can a real estate power of attorney help?
While we can easily associate a power of attorney relationship between elderly individuals and their children, this is not the only case where POAs are utilized. If you are trying to buy or sell a property, but you are currently out of the country due to work, a POA can help continue the transaction. Active duty military members can use POA while they are deployed. If a person finds themselves in a nursing home or hospital, then a POA can help handle real estate transactions when you are physically not capable of being present at closing.
Are there any differences in the real estate transaction when using a power of attorney?
No, the process of selling or buying a home remains the same. Instead of the seller signing the closing documents the POA will. However, it is important that the individual who has power of attorney alerts the Realtor ® and title company of the situation so that the paperwork can be completed correctly. It is also important to note that you must already have the POA agreement in place before beginning any real estate transaction.
If you are interested in obtaining a power of attorney, then the best place to begin is at a local attorney. Then, find a Realtor ®, like me, who is familiar working with POAs to begin your real estate process. I know that it is a big responsibility to take on, and I am happy to help answer any questions you might have about the real estate process.
