Posted by Chandra on November 07, 2002 at 16:18:17:
Rob,
It depends on what kind transaction you have
with the Seller right now.
But basically it gives you the same power as
the Seller to deal with mortgage/insurance/etc
regarding the property involve.
I usually tell them honestly why I need it signed.
I’d tell them that calling them everytime I want
to check on the balance of the loan is incovenient
to me. I would prefer to deal with the bank/insurance
company directly rather than going through the Seller.
I have what is called “Limited Power of Attorney”
sometimes the word “limited” gives the Seller a bit
of a relief somehow…eventhough if you read the
agreement you’ll find that I can do pretty much
anything that the Seller can to the property.
I hope it helps a bit.
Happy investing!