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The Title Tip of the Week this week discusses the use of Powers
of Attorney for the sale, purchase or refinance of real estate. Powers of Attorney If you are handling a transaction where your buyer or seller is
unable to attend closing, they may consider using a Power of Attorney (POA)
to allow someone else to sign on their behalf. Discuss this with
the title company early in the process because in some instances, such as
where a party has already moved out of town, we may be able to handle the
closing by emailing or overnighting the documents to the parties to sign,
have notarized and shipped back to us. However in some cases a POA
may be necessary, such as when one party is stationed overseas and is
unreachable. Hopefully in such a case they have already given
someone POA to sign on their behalf. A number of things to be aware of
when using a POA for the sale, purchase or refinance of real estate: First, any POA to be used at closing must be approved by the
title company and their underwriter. Please provide the document to the
title company early in the process to allow them time to get the requisite
approval. If the Buyer is using a POA it will also have to be approved by
the Buyer's lender prior to closing since they will be
executing mortgage documents. Generally the title company will have forms available for you to
use if you do not already have a POA prepared. Your POA may be specific
to just the transaction at hand, or may be more general and cover a broader
spectrum of transactions. If you anticipate creating a POA that will
cover more than just this real estate transaction you may want to consult
with an attorney to ensure the document gives only the powers you intend to
give to the individual signing on your behalf. The original POA must be brought to closing and will have to
remain with the title company to be recorded with the appropriate
documents. Because the POA will be recorded and become public record,
it is advisable to not include social security numbers on the document.
The original will be returned to you once the documents have gone on record. A POA is generally not valid if the person who executed it is
now deceased. In the case of military POA's the title company will
usually require a statement or affidavit from the individual's commanding
officer that they are alive and well. The POA must be notarized by an independent third party and
preferably will be witnessed by an additional two persons. Any questions can be directed to Benchmark Title at
618-239-3750. Please feel free to call or email:
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Call today for a quote! Why wait? You can place your
next title order now by clicking here. Dorothy Piller
began her career in title insurance 15 years ago as a data entry clerk for a
title plant - essentially updating a searchable database of all recorded
documents in the county. She advanced through the company holding
the positions of Commitment Typist, Title Searcher, Title Examiner and
Construction Disbursing Agent. Dorothy joined Benchmark in 2002 as
a Title Officer and Searcher, where she focuses
on examining evidence of title and preparing commitments for title
insurance on residential properties. She is also responsible
for title searches in the counties of Monroe and
Randolph. Dorothy was a key member of the SureClose development
team, assisting in moulding SureClose to best serve the needs of
Benchmark's employees and customers. Dorothy lives in Baldwin, IL in
Randolph County and has three children, Andrew, 23, Andrea, 20 and Jake,
13. Dorothy can be reachd at 618-239-3750 or by email at dpiller@benchmarktitle.net.
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