Posted by Natalie-VA on November 06, 2008 at 14:08:02:
Mark,
I can’t comment as to the legalities, but I can tell you, from my experience, title companies will require a specific power of attorney and will contact the seller at closing time to ensure that they’re alive and well. That’s just the way I’ve seen it done.
–Natalie
Limited Power of Attorney - Posted by Mark
Posted by Mark on November 06, 2008 at 10:23:33:
If I have a Limited Power of Attorney signed and notarized and intend on closing on behalf of the seller as “attorney-in-fact” (I have a new buyer) does the title company have a legal right to “have a conversation with the seller for their own comfort?” Keep in mind, I have the warranty deed and all other contracts signed and notarized as well, but I did not record the WD because I did not want to have to deal with seasoning issues. The seller was fully aware when signing the property over to me originally that he was relinquishing ownership.
Re: Limited Power of Attorney - Posted by Jimmy
Posted by Jimmy on November 08, 2008 at 07:06:41:
TC is protecting their own interests. don’t blame them. they do not want to be a co-defendant in the lawsuit that pops up later, where the aggrieved and defrauded plaintiff sues everyone in sight.
they need (and have a right) to gain comfort with the deal and its parties. and they are not obligated to do biz with you.
so make them happy, or find a less-diligent TC.
Re: Limited Power of Attorney - Posted by River City
Posted by River City on November 07, 2008 at 11:47:11:
The title company generally relies on what is recorded, not just what the documents in front of them indicate. If the public records indicate that the seller is still the owner of the property, they need to make sure that the documents stating otherwise are legitimate. At least they are doing their jobs.