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Anything I need to be particularly concerned about, wary of, alert to, for giving power of attorney (POA) to my Realtor? I am the Seller. I am moving Oct 21, flying out of my city Oct 22 to move from MN to WA, but the closing of my house sale will not happen until a week or two after that. So my Realtor says I can give her limited POA to do the signings for my house. Is this okay, common, should I feel safe doing this? It is a reputable long-standing real estate company and the Realtor as stellar ratings on zillow, etc.
Also how would I get the money ($xx,xxx) from the sale, closing? Would my Realtor mail it to me (seems risky, plus it would be mailed to a General Delivery address at the city I am flying to)? Or could my Realtor deposit it in person at my local bank here in the city I am moving from (I will be leaving that bank account open for a few months)?
POA was common in the old days. You need to call the title company doing the settlement to see what they do nowadays for remote closings because of what is done in your area...docusign? fax? overnight mail-you look over and notarize-you overnight the package back? Your realtor can have a copy of the closing docs too and you can go over them together. You can do that just with a phone call...or skype or whatever other communication available to you at that moment.
Just saw mike's when I posted the above....yes, wire transfer. All easy peasy.
Or overnight. You get the closing documents via email, print, sign in front of a notory, send them back overnight mail. Get the wire instuction to the closing compan before you leave.
Conflict of interest to give POA to the Realtor. I would never accept POA for one of my clients. Closings are done from out of state all the time these days. You just tell the title company that it will be a "mail out" and they will email or mail you the docs, you go to a notary (most banks do it free) and sign your documents. They need the originals to fund the loan, so you need to Next Day air them back. Most title companies will give you their account number to use to send docs back.
Okay thank you everybody. Looks like it should be possible, just might come with a little stress and juggling of technology. Hard because I will be landing in a city far away and staying at an airbnb for 10 days then looking for a house to lease, but I can always get email then 'print' that to PDF then print that at a UPS/Mailbox store or office supply type store, then FedEx it overnight if need be. I can have my bank routing and account numbers ready to give to my Realtor, good idea, so she can have the proceeds wired into my account. Just stressing a little because of leaving my house vacant, cold weather setting in here in northern MN, moving so far away (MN to WA).
Yikes. Now I am a bit concerned over my Realtor wanting me to give her POA. Is the risk more on her end, or mine, if I give her POA?
I'm not an attorney, but I've been a Realtor for 14 years, and all the legal classes I take tell us never to accept POA for a client. You can give it to a friend or neighbor or old co-worker, but think twice before giving it to your agent. I doubt her E&O will cover it.
And don't give your agent your account information. When you send your signed docs back, you'll send a voided check to the title company. Again, don't give your agent such personal information.
I'm not an attorney, but I've been a Realtor for 14 years, and all the legal classes I take tell us never to accept POA for a client.....
So is the risk on the Realtor if she takes limited POA for the sale, or is the risk on me? Who has the most to lose by doing the POA thing? if the risk is on my Realtor and she is willing then I would do it, but if I face serious consequences then I had best rethink giving POA.
Okay thank you everybody. Looks like it should be possible, just might come with a little stress and juggling of technology. Hard because I will be landing in a city far away and staying at an airbnb for 10 days then looking for a house to lease, but I can always get email then 'print' that to PDF then print that at a UPS/Mailbox store or office supply type store, then FedEx it overnight if need be. I can have my bank routing and account numbers ready to give to my Realtor, good idea, so she can have the proceeds wired into my account. Just stressing a little because of leaving my house vacant, cold weather setting in here in northern MN, moving so far away (MN to WA).
Get the realtor out of your head on this essential part. I'm sure she's very nice and helpful. But on this you work directly with the title company. TITLE/CLOSING COMpany. Don't give you acct info to anyone else. Only whoever is professionally closing...title company, atty, however you are having it done.
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