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Is there a Power of Attorney involved in your real estate transaction? If so, you may have a potential time bomb on your hands. If you do not have a transaction that involves a POA, but know your client has one and will use it in an up-coming transaction, you need to act now. Have your trusted title/escrow person take a look at the Power of Attorney and make sure the title/escrow company will accept it for the transaction/potential transaction. I recently experienced a situation where a client used a POA on a transaction that went through just fine, but when we used it for another transaction involving the same family members we discovered the lawyer had drawn up the POA specific for the first transaction only. Thankfully we discovered this a few weeks before closing because I asked my client to have title/escrow check it out to make sure we would not run into issues. I'm glad I did, because my client did not know the POA was specific to one particular transaction. Needless to say, I'm happy that we didn't find this out the day my client went into sign closing docs, but it still caused us to close late and put the buyers in jeopardy of losing their rate lock. It turned a fairly routine transaction into a stress for all involved. My policy is to ask if there is a Power of Attorney involved in my clients transaction and if so, I ask the client to have title/escrow look at it right away. In this market, it is far better to be proactive with every component of a transaction than to wait and let the chips fall where they may. As always, I am here to assist you with all your real estate needs. I am here to answer all your Crescent City / Del Norte County real estate questions. Thank you for stopping by. |
DelNorteCountyREOForSale.com & REOAgent95531.com
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No one sold more homes in Del Norte County in 2009 and 2010--*both in number and volume--than Fran Gatti. Put Fran to work for you!
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