Power of Attorney and Trusts - Posted by Jim

Posted by Monique on March 10, 2001 at 21:47:23:


We use a Limited PoA for dealing with the seller’s lender and the insurance company – in addition to a trust. There is no downside to having the seller sign one. If you never need it, you’re still fine.

Have the Authorization to Release Information give YOU the power to talk with the lender.


Power of Attorney and Trusts - Posted by Jim

Posted by Jim on March 10, 2001 at 13:01:22:

When we take someones existing financing over “Subject To” and we place it into a Land Trust, is it necessary to obtain Limited Power of Attorney from the seller?

I know said trustee can deed the property to our new buyer by direction of the beneficiary, but would that Power of Attorney be something necessary? I’ve heard mixed opinions on this and still don’t know whether it’s needed or not. My courses never mentioned it, so maybe you guys can help here.

Also, on the document…“Authorization to release Private Information” where we are granted the right to obtain information from the lender concerning the loan.

Who gets the authorization to obtain this information… (Me or the Trustee)