how to give power of attorney so my mom can sell my house

If your mother is still alive, you can record with the county recorder the power of attorney and then sell her home to pay her bills. If she has passed away, then the power of attorney is no longer valid. You will either have to file a probate proceeding with the court if she does not have a trust.

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Can I Sell my parents'home with a power of attorney?

Mar 05, 2020 · So first you need to make sure that your power of attorney covers real estate transactions. In certain states, like California, “General or durable power of attorney cannot be used to sell real estate” says Glen Henderson a top-selling real estate agent in San Diego who also specializes in probate sales. “So, in order to start the process of selling a house with …

Does a power of attorney have the authority to sell property?

Feb 10, 2016 · Daughter, as a Fiduciary conducting a real estate transaction under a power of sale in a Durable Power of Attorney, should include additional language in the Offer and Purchase and Sale Agreement. These documents should state that even after the Offer is accepted or the Purchase and Sale Agreement signed, that if another buyer comes to the Seller with a higher …

Do I need power of attorney for my mom or dad?

Sep 25, 2020 · With the POA, you will be able to sell the home for them. As the agent in a power of attorney document, you have a fiduciary responsibility to do what's in the best interest of the principal. For instance, you cannot use a POA to sell a home to yourself for far less than market value if that's not in the best interest of the seller.

How much does it cost to sell a house with power of attorney?

Nov 04, 2010 · The power of attorney document itself should spell out specifically things you can and cannot do for your parents, and if you are able to sell their house, it should specify that right. If a power is not named, do not assume you have it. Even if a power of attorney document gives you the right to sell your parents' home, beware of one thing.

Why do we sell our mother's house?

Often, we are told that selling Mother’s home is necessary because she no longer lives there and needs money to pay for her increased medical expenses such as 24 hour at-home care, adult day services programs, or assisted living care. The proceeds of any potential sale would go towards Mother’s continuing care and comfort.

What is Durable Power of Attorney?

The Durable Power of Attorney is a very important document that if written and executed correctly, legally authorizes Mother, while mentally competent, to nominate Daughter to handle financial transactions in the event of her incapacity.

What do you need to know before daughter buys a house?

We would want to make sure the house is insured and identify any outstanding mortgages and liens, or unpaid property taxes or water/sewer charges. We would also research the deed and may even commission an independent appraisal to be done on the subject property.

Can a daughter accept a power of attorney?

This is a fancy way of saying that Daughter must only accept the best deal —not the easiest or most “family friendly.”. Daughter , as a Fiduciary conducting a real estate transaction under a power of sale in a Durable Power of Attorney, should include additional language in the Offer and Purchase and Sale Agreement.

What is a general power of attorney?

A general power of attorney allows you to do anything the principal can do. That includes handling all finances and transactions, including a home sale. Depending on the situation, some banks may be uncomfortable with a large transaction like a home sale done with a general POA and may ask you to have a specific POA for real estate created.

What is POA in law?

Power of attorney (POA) rules vary depending on the state. There are several types. A POA can be limited or general. It can also be durable or non-durable.

What happens if you have a non-durable POA?

A non-durable POA will specifically terminate if the other person becomes incapacitated. If you intend to have a short-term limited power of attorney, it may be non-durable as well.

What can a realtor do for you?

A professional realtor can help you understand what repairs need to be made and what changes won't really matter to buyers. Don't assume you have to pay an arm and a leg to get full-service real estate help, either.

What does it mean when you work with a real estate agent?

When you work with a real estate agent to find the right buyer at the right price, you'll be fulfilling your financial responsibilities to the principal and you'll have peace of mind that everything is being handled well.

What happens if you are close to someone who wants to sell your home?

If you are close to someone who wants to sell a home but they are ill, plan to travel, or will otherwise be unavailable to handle the transaction, they may designate you to be their agent with a limited real estate power of attorney.

How much commission does a clever partner agent get?

When you work with a Clever Partner Agent, a seller only pays a low flat-rate commission of $3,000 or 1% if the home sells over $350,000. This helps you keep costs low and maximize the profit for the principal.

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Can family siblings request my moms financial statements on a monthly basis even though I have Power of Attorney?

What to do if your mother is still alive?

If your mother is still alive, you can record with the county recorder the power of attorney and then sell her home to pay her bills. If she has passed away, then the power of attorney is no longer valid. You will either have to file a probate proceeding with the court if she does not have a trust. If she has a trust, you would record with the county recorder an affidavit that you are the successor trustee and then can sell the property. You should consult with an attorney first.

What happens if your mother dies?

If your mother is deceased (your use of the term "estate" seems to imply that), then the power of attorney is no longer effective. If your mother is alive, then you have the powers that were granted in the power of attorney, which might or might not include the power to sell the home. Report Abuse. Report Abuse.

Can a power of attorney be used if my mother is deceased?

If your mother is deceased (your use of the term "estate" seems to imply that), then the power of attorney is no longer effective. If your mother is alive, then you have the powers that were granted in the power of attorney, which might or might not include the power to sell the home.

Can I sell my mother's house if I have a power of attorney?

The answer depends completely on the terms of the power of the attorney. You will need to read it carefully to see what powers it gives you, and whether it allows you to sell your mother's real property. A real estate broker in your area may be familiar with sales based on powers of attorney, and can give you guidance as to how a sale based on a power of attorney is conducted. A correct reading of the power of attorney and whether it allows you to act on your mother's behalf to sell her home, however, should come from an attorney. I would proceed cautiously here, so that no one can ever challenge your authority to make the sale, or claim that you are not acting in your mother's best interests.

Can POA be recorded in county records?

Yes, if the POA is properly drawn and can be recorded in the county records. Be aware, though, that this can be a traumatic step for an elder. If your mom is compos mentis at all, try to ease her into this idea.

Do you have to handle your mother's affairs?

Yes, although at all times you have to handle matters prudently and carefully, and in your mother's best interests.

Can you sell a property in PA?

If the PA granted you the power to sell her real property and if the PA is in recordable form you may be able to sell her property. You may have to consult with an attorney.

How to get a power of attorney for a parent?

Broadly speaking, you get power of attorney for a parent by having him or her name you as the agent in a POA document that he or she has signed while sound of mind. However, the process is rarely as simple as it seems, especially when it comes to ensuring that your power of attorney will be recognized by third parties. Things can also become more complicated if you're trying to get power of attorney for a sick parent who is already suffering from dementia or another terminal illness or incurable condition that affects his or her ability to communicate or make reasoned decisions.

What is the duty of a power of attorney agent?

The duty of a power of attorney agent is to always act in the best interests of the principal.

What is POA agreement?

Depending on the particular agreement, a power of attorney covers a broad or narrow set of responsibilities, usually related to financial and/or medical and caregiving matters.

What is Durable Power of Attorney?

So, what is a durable power of attorney? It's an agreement that goes into effect right away and gives an agent the authority to carry out his or her specified responsibilities even after the principal becomes incapacitated. Essentially, the difference between a "general power of attorney" and a "durable power of attorney" is that a general POA terminates when the principal is deemed to lack capacity, whereas a durable POA stays valid beyond that point. In most cases, a durable power of attorney covers financial responsibilities, but some people also use it to cover certain duties related to caregiving or healthcare.

What is POA in law?

A POA document is generally a written agreement between two people: (1) the principal (sometimes called the grantor) and (2) the agent (sometimes called the attorney-in-fact). The agent is the person appointed to act on behalf of the principal. So your parent (the principal) can grant you (the agent) certain powers of attorney.

How to sign as a POA agent?

For example, you sign as a power of attorney agent by using a formula like "Your Parent's Name, by Your Name under POA." (If your name was John Doe and your parent's name was Jane Doe, your signature would be "Jane Doe, by John Doe under POA.")

When does a springing POA take effect?

Unlike most other types of POA documents, a springing POA agreement doesn't take effect until a specified date or a particular event takes place. For example, your parent may not want you to have any authority until he or she becomes incapacitated or turns a certain age.

How to get a power of attorney for an elderly parent?

The first step to getting power of attorney over an elderly parent is to research powers of attorney, understand how these documents work in your state and the scope of available powers. Talk to your parent so they understand why you want to take this step and the benefits and drawbacks of the action. Consult a lawyer who can help you draw up a document that details your parent’s rights and the agent’s responsibilities, whether that’s you or another person. Finally, execute the document by getting all parties to sign it and have it witnessed as required by state law.

Why do you need a power of attorney for your parent?

Arranging a power of attorney for your parent is a good way to open up a discussion with them about their wishes and needs for the future. Jeter continues, “Having those respective POAs in place means that an elderly parent has had time to think about what they really want for their medical care and their finances when they aren’t coherent to make such decisions.”

How does a durable power of attorney work?

A durable power of attorney lasts after the principal’s incapacitation. What you can do with a durable POA is based on both the document and state laws. In some cases, you may only be able to manage the principal’s finances and will need a separate medical power of attorney to make health care decisions. These POAs are used when a person can no longer handle their affairs, and it can end in several ways. They can be revoked upon the principal’s death or when a guardian is appointed. The principal can revoke the POA if they’re no longer incapacitated. For example, if a person wakes from a coma, they can take back control of their finances. There may also be conditions in the document that, if fulfilled, end the POA. A durable power of attorney comes into effect on the day it’s signed unless otherwise specified.

What is a POA in 2021?

Last Updated: July 16, 2021. A power of attorney (POA) can be an important element of planning for your elderly parent’s future. It allows another person to take action on your parent’s behalf, ensuring bills get paid and medical decisions can be made in the unfortunate circumstance that your elderly parent is unable to do those things on their own ...

How many witnesses do you need to sign a letter of attorney?

A notary public or attorney must witness your loved one signing the letter of attorney, and in some states, you’ll need two witnesses. The chosen agent must be over 18 and fully competent, meaning they understand the implications of their decision. When filling out the form, the parent must specify exactly which powers are transferring to the agent.

What is a medical POA?

A medical POA is different from a living will , which states what medical procedures a principal does and does not want done. In the case of a medical POA, the agent can make all health care decisions for the principal. Because of this, your parent needs to make their wishes known to the agent before they’re incapacitated. The American Bar Association has detailed information available about medical powers of attorney and the process of giving someone that power.

How to get a POA?

When you’re ready to set up the POA, follow these steps: 1 Talk to Your Parents: Discuss what they need in a POA and what their wishes are when it comes to their finances and health care. You must also confirm their consent and make sure they agree with everything discussed. 2 Talk to a Lawyer: Everyone who gets a POA has different needs and the laws are different in each state. It’s important to get legal advice so that your parent’s wishes are taken into consideration and the document is legal. 3 Create the Necessary Documentation: Write down all the clauses you need that detail how the agent can act on the principal’s behalf. This ensures your parent’s wishes are known and will be respected. Although you can find POA templates on the internet, they are generic forms that may not stand up to legal scrutiny and probably won’t have all the clauses you require. 4 Execute the Agreement: Sign and notarize the document. Requirements for notarization and witnesses differ, so make sure you check what’s required in your state.