Power of Attorney Signatures

More and more, buyers and sellers are not able to physically participate in the closing. This calls for the use of a Power of Attorney. We have heard from a couple of banks (and expect others to follow) that they are requiring the poa to sign the names and then write out Attorney-in-Fact each time a signature is needed. Keep in mind this will add a few extra minutes to the closings. Also remember, we will need the ORIGINAL POA. (We cannot record a copy)

If a Trustee cannot attend the closing, most trusts will not allow a Trustee to assign a P.O.A. You may want to consider assigning a new Trustee instead.

Remember, try not to schedule closings at the end of the month. You will want to anticipate delays and schedule any closings where the tax credit is expected at least a week prior to June 30th. This will allow time to reschedule if needed. If a client doesn’t receive the tax credit due to a delay in the closing, who do you think they will be blaming??

Nick

Nicholas D. Perrino
Attorney at Law

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Published in: on May 31, 2010 at 05:23  Leave a Comment  
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blog2010-04-6/U.S. Department of Housing and Urban Development (HUD)

 

blog2010-04-6/U.S. Department of Housing and Urban Development (HUD)

Published in: on April 7, 2010 at 09:52  Leave a Comment  
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