A Comox Valley real estate Power of Attorney is a legal instrument that is used from time to time. Consider how difficult it would be to buy or sell a Comox home if you were not available, or accessible, for some period of time. There are some situations and circumstances that may prompt a buyer or seller of a home or property to consider appointing someone to act on his or her behalf for the purpose of conducting a real estate transaction. Here are just a couple of examples. You either want or need to sell your high end full featured Crown Isle home, but you are scheduled for an upcoming major surgery that will require a fairly significant period of recovery. You either want or need to sell your home, but you will be away on holidays in a remote location (such as the West Coast of Vancouver Island) where you may not have have access to communication utilities such as a phone, cell phone or the internet. What do you do?
One potential option is a Power of Attorney. A Power of Attorney is a written authorization to represent or act on someone’s behalf in business, private affairs, or some other legal matter. For example, a Power of Attorney could be drawn up by a lawyer or notary for a person to sign on behalf of another person for the purchase of a home or property. Your Comox Valley lawyer or notary will be able to explain the benefits and potential disadvantages of signing a legal document such as this.
When it comes to the use of such a document for the purchase or sale of Comox Valley real estate, the Power of Attorney must be in proper form. Seek the advice of a lawyer or notary to ensure that the form of Power of Attorney is valid and acceptable for Land Title purposes.
In addition to the Power of Attorney being valid, and in acceptable form, there is an accepted correct way of signing a real estate document on behalf of another person using a Power of Attorney. The Real Estate Council of British Columbia disseminates information in this regard, and your real estate agent should be able to provide you with it.
While a Power of Attorney may be valid and in proper form for Land Title purposes, this does not necessarily mean that all other organizations that may be involved with elements of the transaction will accept the document. It is always prudent to check with them first before planning to use it for purposes other than Land Title registration. For example, if you plan on signing mortgage documents related to the real estate transaction on behalf of someone else using the Power of Attorney, will the mortgage granting organization accept its use for that purpose?
A Power of Attorney can be used effectively for a real estate transaction when a person’s individual situation or circumstances merit consideration of its use. However, it is important that legal advice be sought by the person contemplating the use of such a legal document. Become fully informed before authorizing someone to act on your behalf for a real estate transaction.
Contact Brett Cairns of RE/MAX Ocean Pacific Realty to discuss how he can help you meet your real estate needs.
by Brett Cairns