Posted by KevinMiami on March 04, 1999 at 01:04:07:
What about if you are doing this for your mother who lives out of the country, but she will be coming to sign all the paperwork etc.
Power of Attorney - Posted by Tom Eleam
Posted by Tom Eleam on March 02, 1999 at 21:26:50:
I will be helping a friend buy his first home. He wants to leave everything to me.
That is to say, to negotiate the best deal. I will be arranging the financing for him, etc.
My question?Do I need a Power of Attorney? I would think so but would like to
Know from one of the experts out there, as I have never done any thing like this .
I am doing this as a personal favor for him as he has helped me in the past.
There isn?t any profit for me on this. Any ideas?
Tom
Re: Power of Attorney - Posted by Irwin
Posted by Irwin on March 05, 1999 at 21:29:49:
Yes, in theory, you need a formal power of attorney to act on your friend’s behalf in the manner you describe. You are not “brokering” unless you charge a fee for the services described, so I wouldn’t worry about that; however, in the age of the super-cautious (to the point of out-and-out paranoia) lending industry, I suspect that you will have difficulty getting a lender and/or title company to recognize your p/a for the purpose of closing the purchase and signing the mortgage loan documents. I think they are going to want your friend to show up and sign personally.,
Re: Power of Attorney - Posted by Bill Gatten
Posted by Bill Gatten on March 03, 1999 at 14:22:46:
Tom,
Beware of placing yourself in a “broker” capacity. If you are negotiating price, terms, etc. between a buyer and a seller, you could be in jeopardy without a license. I would suggest getting a Letter of Intent (authorization) from the buyer with good exculpatory language (“it ain’t my fault” talk), as well as the Power of Attorney, as soon as possible.
Its not that someone is going to necessarily rat you out at the moment: but if–two years down the road–the seller needs to sue someone, it’ll be you, and you could end up in some deep maru (as it were).
Bill
Re: Power of Attorney - Posted by Redline
Posted by Redline on March 03, 1999 at 12:58:02:
I imagine if you’re actually going to be signing documents on behalf of your friend then YES, you’ll need a Power of Attorney.
If you’re just negotiating for him and he signs everything himself, you don’t need anything.
RL