POWER OF ATTORNEY
If you are unable to be at the closing to sign the loan documents, you can designate someone to sign on your behalf. You can do this by executing a power of attorney.
A power of attorney is a document that allows you to appoint someone to sign the paperwork on your behalf. With respect to securing the financing of a real estate transaction, the power of attorney must be specific and include either a property address or legal description.
The person you designate to sign on your behalf is known as the attorney-in-fact. The attorney-in-fact must have a familial, personal, or fiduciary relationship with the borrower, but must not be an interested party to the transaction. The power of attorney must be notarized and acceptable to the title insurer.
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John Rapasky is the President of the Counsel Mortgage Group, LLC. Copyright © 2018 Counsel Mortgage Group®, LLC.