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Buying real estate can be an exciting time for anyone. But, it can also be a stressful and lengthy process, especially if you’re unable to attend the closing in person. Fortunately, there’s a solution – a power of attorney can be appointed to represent you.
However, it’s important to understand the role of the power of attorney for real estate closing before taking this route. In this blog post, we’ll explain what you need to know about a power of attorney in Virginia.
If you have questions about which type of power of attorney to execute for your real estate transaction, contact a member of our real estate lawyer team at (540) 722-2181. We're here to answer your questions and help you navigate the closing process with confidence. Let us go to work for you!
To better understand the power of attorney in real estate, it's helpful to start with a few key definitions.
Term | Definition |
Principal | The person granting the power of attorney (POA), authorizing another individual to act on their behalf in real estate matters |
Agent or Attorney-in-Fact | The individual designated by the principal to make decisions and perform actions on their behalf in real estate transactions |
Scope of Authority | The extent of the agent's power, determined by the specific type of POA granted |
General POA | Grants the agent broad authority to manage all aspects of the principal's financial affairs, including real estate transactions |
Limited POA | Restricts the agent's authority to specific real estate tasks, such as handling a particular transaction or managing a specific property |
Durable POA | Remains in effect even if the principal becomes incapacitated, ensuring continuity in real estate matters |
Springing POA | Takes effect only when the principal becomes incapacitated, providing a safeguard in case of unforeseen circumstances |
Notarization | Official process of verifying the identity of the principal and the agent, ensuring the validity of the POA document |
Revocation | The process of terminating the POA, typically by written notice from the principal to the agent |
A power of attorney (POA) is a legal tool where you, the “principal,” authorize someone else, the “agent,” to make decisions and take actions on your behalf. This authority can be general, granting broad powers to the agent to act on any matter on behalf of the principal, or specific, limiting the agent's actions to a particular transaction or set of circumstances. In the context of real estate transactions, powers of attorney are often used to allow one party to conduct closing proceedings on behalf of another.
This delegation of authority can encompass a wide range of real estate matters, including:
To ensure a POA is valid and effective in Virginia, it's important to follow these key steps:
A POA can be especially beneficial in real estate transactions, offering advantages like:
However, it's also important to be aware of the risks involved in using a POA for real estate matters:
To mitigate these risks, consider the following measures:
By taking these steps, you can help to protect yourself from the risks of using a POA for a real estate closing.
The authority given through a POA usually ends in real estate closings under these circumstances:
Powers of attorney are an important aspect of real estate transactions in Virginia, particularly for buyers or sellers who cannot attend real estate closings in person. While they present some risks, they can also be a useful tool for streamlining the transaction process. Consult with a real estate attorney if you have any questions or concerns. An attorney can draft a POA that is legally valid and tailored to your specific needs.
By working with a trusted agent and ensuring that your wishes are accurately reflected in the power of attorney document, you can help ensure a smooth and successful real estate transaction.
At McCarthy & Akers, PLC, our experienced real estate attorneys can guide you through the entire POA process, ensuring your interests are protected and your closing proceeds smoothly. We will draft a customized POA and tailor it to your specific needs and requirements of your closing, clearly defining the scope of authority granted to your agent.
We'll guide you through the proper execution and notarization process to ensure the POA is legally valid and enforceable. We'll remain your resource throughout the closing process, answering any questions or concerns you may have.
Reach out to us at (540) 722-2181 or connect with us online. Our team's extensive experience in all aspects of real estate means you can trust us to handle your real estate closing with care and precision.
With offices in Strasburg, Front Royal, Winchester, and Manassas, we're always nearby and ready to help. Choosing McCarthy & Akers means choosing peace of mind for your real estate needs. Let us go to work for you!
Copyright © 2024. McCarthy & Akers, PLC | Estate Planning Attorneys. All rights reserved.
The information in this blog post (“post”) is provided for general informational purposes only and may not reflect the current law in your jurisdiction. No information in this post should be construed as legal advice from the individual author or the law firm, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting based on any information included in or accessible through this post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country, or other appropriate licensing jurisdiction.
McCarthy & Akers, PLC | Estate Planning Attorneys
302 W Boscawen St.
Winchester, VA 22601
(540) 722-2181
https://mccarthyakers.com/
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