Power of attorney (POA) is a practice that is not commonly used when purchasing a home, but it is an option that you should be aware of. POA is a tool that allows one person to give legal authority to another. So what does that mean?
POA allows someone other than you in certain instances, usually a spouse or adult child, to sign for your home. This is something you may end up having to use since the process for purchasing your home can take a long time and you may not know if you will be available to be present at the signing. In most cases, it is better to be present yourself for such proceedings to ensure firsthand that everything goes smoothly. If this is not possible, you just may want someone else to take care of it for you.
In any case, power of attorney should not necessarily be your first choice. Many people spend more time searching for the home they want rather than planning out the purchasing process. This can lead to the kind of conflicts that force you to use a power of attorney; in some cases the buyer or seller may not accept a POA signature but instead require that the actual principal be there for the transaction, so it has some occasional weaknesses. Still, if you think there is a possibility that you may need it, it’s better to have someone you trust acting with POA than it is to get caught last minute with no solution to a potential absence. For more information about closings and what you should know, contact one of our associates at Capstone Pioneer, they’ll be happy to guide you.