WHAT YOU NEED TO KNOW WHEN USING POA FOR THE PROPERTY TRANSACTION

Author: Janice Zhang
Date: May 18, 2020

  • 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.