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- Power of Attorney to be used for the real estate transaction is usually limited to the subject transaction purpose only.
- We encourage our client(s) to confirm with their mortgagee/the bank first, if they have to use such POA for borrowing money purpose.
- We don’t encourage client(s) to use POA unless there would be unexpected or unmanageable situations for client(s) to sign the documents and close your transaction.
- WHY? Because lots of frauds or losses happen to the real estate transactions because of the misuse of the POA.
- Lawyers has the duty to verify the true intention of the Grantor, and authorized matters, to ensure the attorney would act properly within the authority in the future transaction.
- Please contact lawyer for further details.