Real Estate Transactions through a Power of Attorney
Especially when selling residential real estate, more and more sellers prefer not to go to the closing. Sometimes, sellers will not be available to sign the Offer and/or the Purchase and Sale Agreement relative to the sale of their residential real estate. In these situations, your real estate attorney will prepare a legally sufficient Power of Attorney in which the seller provides that attorney with the power to sign the necessary contracts to sell residential real estate and also to sign the necessary seller closing documents in order for the closing to take place without the seller being present.
However, in these situations where the seller wishes to give a Power of Attorney to his real estate attorney, the seller would have to sign the Power of Attorney and the deed personally.
Regarding the buyers of residential real estate, if there is a lender involved in this purchase transaction, then it would be the lender that needs to approve a Power of Attorney for the buyer’s attorney to sign the loan documents for the buyer at the closing. Most lenders will not allow this. On the other hand, buyers of residential real estate can give their attorney a Power of Attorney regarding the signing of the Offer and the Purchase and Sale Agreement.
Arlington/Cambridge/Boston MA Real Estate Attorney
It is always a good idea to get the professional opinion of a local real estate attorney for your specific situation. They will be able to answer any questions that you might have when it comes to power of attorney. He or she has the expertise and experience to be able to guide you through your situation and provide you with individual solutions to different problems that could potentially come up. Our real estate lawyers in Cambridge are familiar with MA real estate law and will be able to apply this knowledge to your situation, rather than you simply having to do guess work on your own.