If you`re looking to sign a real estate contract, but can`t be physically present, you might consider using a power of attorney. A power of attorney is a legal document that enables someone else to act on your behalf. This document is valid only for the purposes specified.
If you`re using a power of attorney to sign a real estate contract, here are some important things to keep in mind:
1. Choose the right power of attorney: There are two types of power of attorney – general and limited. A general power of attorney grants the agent the right to perform any act that the principal could do. A limited power of attorney specifies exactly what the agent can and cannot do. In this case, you`d need a limited power of attorney that specifies the agent can sign the real estate contract.
2. Choose the right agent: Your agent should be trustworthy, responsible and capable of understanding the terms of the real estate contract. Typically, a spouse or family member is chosen to act as an agent.
3. Draft the power of attorney: The power of attorney document should clearly state that you`re granting your agent the right to sign the real estate contract on your behalf. It should include the names of both parties and the specific powers you`re granting your agent.
4. Get the document notarized: A power of attorney document must be notarized to be legal. A notary public will verify your identity and witness your signature.
5. Submit the power of attorney: Once the power of attorney document is notarized, it should be submitted to the relevant parties. This may include the real estate agent, title company or the seller.
6. Ensure transparency: It`s important to ensure transparency in the process. The agent acting on your behalf should provide regular updates and copies of the documents signed.
In conclusion, signing a real estate contract using a power of attorney requires careful consideration. You must choose the right type of power of attorney, ensure that your agent is trustworthy and capable, draft the document and get it notarized. By following these steps, you can sign a real estate contract remotely and with peace of mind.
