Posted by River City on May 04, 2005 at 06:04:00:
Disclaimer: I am not an attorney, nor do I play one on TV.
Generally, in real estate transactions a POA must be a specific POA. In other words, it must be for a specific transaction. Most lenders will not accept a general POA. That is not to say that you will not find a lender who will accept a general POA if they are going to portfolio the loan.
This person’s spouse should seek the advice of an attorney.
power of attorney versus marriage - Posted by Marilyn
Posted by Marilyn on May 03, 2005 at 16:48:19:
If someone gives a power of attorney to a relative and then later marries and becomes incapable of making decisions who has the power to make decisions concerning the sale of property? Would it be the person with the power of attorney or the spouse?
Re: power of attorney versus marriage - Posted by Jimmy
Posted by Jimmy on May 07, 2005 at 10:09:21:
the marriage did not change or diminish the effectiveness of the POA. So the attorney-in-fact (AIF) under the POA still holds the power to act. Of course, when the principal dies, the POA expires with him
With that said, the POA is effective only for property interests held by the principal. If thr spouse had an interest in the property, or gained an interest in the property during the marriage, the POA has nothing to say about her interests.