Defining power of attorney when your goal is to sell your house
What is power of attorney, and how does it impact you if you’re planning to sell your house? Let’s break it down into some simple bullet points.
- Power of attorney gives someone the power to act on your behalf. It also allows you to choose who will serve on your behalf and what, if any, limits will be placed on their future actions.
- Power of attorney may be limited to one activity (limited), such as selling a home, or be much greater (general).
- General power of attorney grants an agent authority to oversee a wide variety of decisions such as selling a house or car and accessing financial accounts.
- Power of attorney can take effect right away, or you may choose to have it take effect when you are unable to act for yourself.
- Power of attorney can be revoked.
- Laws governing power of attorney vary from state to state.
- If you do not have a power of attorney and are unable to manage your affairs, a court may appoint one for you.
- More than one person can be granted power of attorney.
- No special qualifications are required to serve as power of attorney, although it cannot be granted to a minor.
- In most states, power of attorney remains valid until death or revocation. However, some agreements are written to contain a termination date.
- An individual with power of attorney has a fiduciary responsibility to act in the very best interest of the person who granted power.
No matter the circumstances, anyone granted power of attorney would benefit from consulting with an attorney, especially if you have any specific questions or concerns related to your duties. When real estate is involved, you may also find it beneficial to contact an experienced Realtor for professional guidance and assistance.