Selling a property with a Power of Attorney
Thursday, Dec 22, 2022
Selling with a Power of Attorney can be a delicate issue, which requires your lawyer to
do extra due diligence and background work prior to acting to sell the property.
Purpose of a POA in real estate:
Power of Attorney of property is a legal document transferring the legal right to the
attorney or agent to manage and access the principal’s property in the event the
principal is unable to do so themselves. It grants someone legal authority to act on your
behalf for financial issues.
There are several reasons a property could be sold using a POA and here are a few of
them:
-If you must sell your home but couldn’t be there due to a job relocation or deployment.
-Estate Planning
-Health Reasons
Adding a power of attorney to selling a home can be complicated but doesn’t have to be
when you select the right real estate agent to guide you through the process.
When selling a property as a power of attorney, it is best to consult with the lawyer that
has been chosen by your loved one and who has written the POA documents. Make
sure that everything is in place for you to list the property for sale and if there are any
requirements that you must adhere to. Also, to determine what type of power of attorney
you have been granted. You also need to find out if a sale price is predetermined for the
home. It most cases it hasn’t been, and you will to need get the advice of a real estate
agent for market price for the home and again consult with the lawyer on the legalities
that may arise during this process.
They can also work with you to decide on the best sales strategy and preparation to
achieve the highest price possible.
An experienced Real Estate Agent can also connect you to other professionals that will
help facilitate the sale with a power of attorney. Make sure your real estate agent fully
understands the situation so they can help explain it to the interested parties.
When you work with a real estate agent to find the right buyer at the right price, you'll be
fulfilling your financial responsibilities to the principal, and you'll have peace of mind that
everything is being handled well.