Florida Power of Attorney
Florida Power of Attorney for a Florida Real Estate Transaction
What is a power of attorney? A power of attorney or “POA” is a written document in which one person, known as the principal, appoints another person to act as an agent on his or her behalf, also known as “attorney-in- fact.”
This document is very useful when a seller or buyer is out of town for their closing. A power of attorney can be useful to sign the Deed, CD, HUD, affidavits, mortgage, note and other closing documents.
Important things to know about using a power of attorney:
- Most POAs are prepared incorrectly, and are not suitable for closing unless they were prepared by the title company, or real estate attorney handling the actual closing. Make sure the POA is approved by both the title company handling the closing and the lender.
- Please note that many title companies and real estate attorneys do not accept a power of attorney for deeds, except under special circumstances. In addition, many lenders do not allow power of attorney signings for a mortgage without prior approval.
- Most title companies and real estate attorneys will not accept a power of attorney for the signing ofany deed by a seller, unless very specific circumstances apply such as military duty. The criteria in Florida are very stringent for valid POA deed signing.
- Always obtain the lender and title company’s approval to use the POA well in advance of the closing, and to avoid delays.
- Corporate Power of Attorneys have their own strict criteria and are also subject to review and approval by all parties involved.
By planning ahead and having a professionally prepared Florida Power of Attorney form prepared, you can ensure a smooth closing.