The Planeteers controlled fire, water, earth, wind, and heart (whatever that means). But despite their rings’ abilities, they would not have been able to sign real estate documents on Captain Planet’s behalf without a Power of Attorney.
In the event a buyer, owner, or other party required to sign documents is unavailable or incapacitated at time of settlement, a Power of Attorney closing may be the best option for completing settlement in a timely matter. However, communication is key to completing these closings on time and without error.
Due to the complexity of POA documents, as soon as the Buyer/Borrower knows they will be using a POA they should alert their loan originator who should alert the lender and the title company. Copies of the POA forms the Buyer/Borrower intends to use should be sent ahead of time to the title insurance company and the lender. Both will need to check the documents for completion and accuracy as per their respective guidelines. Buyers/Borrowers often confuse legal agreements retrieved and signed from the internet as acceptable POA documents, many of which are not. Realistically, as underwriter’s requirements often exceed those of the State, these unspecific documents are rarely acceptable. In order to process and close a loan with a Power of Attorney document, it is vital to provide your title company with the related documents as early in the process as possible.
While a copy of the Power of Attorney document will be acceptable for initial review, the title company will need to have the original in their possession absolutely no later than the day of closing. In order for the mortgage to be correctly recorded, the original POA will need to be sent for recording as well. Apart from an increased recording charge from the recording authority, Avenue 365 will never charge additional fees to complete a POA closing on your behalf.