Warranty Deed And Power Of Attorney, Help Me Please
I am preparing a warranty deed to buy a property lot. One owner died, the other gave power of attorney to her child.
The owner and her daughter agreed to sell the property. I know it is best for the owner to sign but she is 90 and does not want to be bothered as she cannot get around easily.
She lives in one state, her daughter in another and the buyer in a 3rd.
When I prepare the warranty deed. do I put John Doe, holding power of attorney for and acting on behalf of Jane Doe ro do I put Jane Doe via her autherorized agent John Doe holding Power of Attorney?
Thanks
I suggest you have the title company prepare the deed since I assume you are getting title insurance on the property. You should also check with them about whether the Power of Attorney needs to be recorded in the county before title can be conveyed.
I will be getting title insurance at a later day. Currently I have the policies from the previous owner. There is a time problem as the lot goes for tax sale on Wednesday and apparently the lazy folks around here say it will take at least 2 weeks to do the title and lien research. I had an abstrator do the search and there has only been the one owner for the property since 1900.
In the sale contract I have a clause where the owner at a later date will help in getting the title insurance.
How do I word the warranty deed? I went to an attorney who says he needs about a week or so to do a warranty deed (just to draft it - what a doofus)
Any local title company should be able to prepare the deed quickly for you. You need to talk with them anyway about the POA being recorded before title is transferred.
If Jane Doe is the owner, then Jane Doe is the grantor. However, I do not know the customs & practices in your state. In PA, I believe that the POA signs the deed by signing the grantor's name and then adding "POA".
linny,
Glad to meet you.
A Power of Attorney, in its strict legal sense, is a document in which someone gives another the authority to make certain decisions and act on behalf of the person granting said Power of Attorney. The person to whom the power is given is called an “attorney-in-fact."
The person to whom the Power of Attorney is given does not have to be an attorney.
Jane Doe (Daughter)
Attorney In Fact For Mary Doe (Mom)
Bottom line however it still depends on what the recorders office or title company requires.
John $Cash$ Locke
[ Edited by JohnLocke on Date 06/04/2004 ]
Hire an attorney to handle this for you. Do not close without title insurance!
you also mention a deceased owner. that person must be accounted for somehow. I know nothing about FL but you do need an attorney. You might have to pay a little extra 'rush fee' but it will be worth it - go to a bigger firm where they have young associates
If there were two owners and one died you must settle the dead owners title rights. Did the dead owner have a will or was his estate probated? You will not have clear title if you do not clear this up.
I am in the process now of trying to buy a house from a woman whose father passed. The father was only 1/2 owner. the other owner died 6 years ago, without a will, without going through probate, and he had no wife or children. Geez .... I wish there was a Probate for Dummies book.
Brenda
I am a Florida attorney and the last poster is correct. If you do not account for the interest of the dead owner you may have many problems later. Also, although a person may certainly draft a deed for themselves doing so for others is considered practicing law without a license. The same goes for a title company unless they have an attorney on staff.
DJM owner - Today Title
If explained "correctly" to the underwriting department, this should (I stress "should"
not be an issue...[ Edited by norrist on Date 09/28/2005 ]
The answer is dependant upon the state of incorporation. What state is the corporation in?
Usually you will have to file a name change with the specific states Secretary of State office (or whichever department handles corporations) ... in some states this is as simple as filing a form and paying a small fee ... in others the articles of incorporation need to be amended.
Assuming the corporation is based in Virginia ....
http://www.scc.virginia.gov/scripts/scc-clerkdl.pl?scc710n&Articles_of_Amendment_-_Changing_the_Name_of_a_Virginia_Stock_Corporation_by_Unanimous_Consent_of_the_Shareholders_-_
I have been considering doing the same.
Did you aquire a Shelf Corp. 2-3 years old? Was it NV and did it come with a bank account?
I understand that this can make things much easier being self-employed and easier to get properties. Once I am full time (I am almost there!) I assume that I will need to have a business license with some history.
Thank you in advance for your help,
[addsig]
The corporation was originally based in Colorado. I may just run with the original company name. I know ideally your company name would reflect what you do but more I thought about it does McDonalds, best buy, subway do those names jump out at you and tell you what they do??? Without prior knowledge would you know that McDonalds was a food joint?
--Did you aquire a Shelf Corp. 2-3 years old?—
I wish it were that old! Mine was formed in march 05
Was it NV and did it come with a bank account?
I’m not sure what NV means (Nevada??). No bank account either. This was basically a situation where somebody formed a company and never used it. There are business which acquire multiple companies like this and sell them to investors like us.
--I understand that this can make things much easier being self-employed and easier to get properties. OnceI am full time (I am almost there!) I assume that I will need to have a business license with some history. --
This would depend on where you invest.
Thank you for the reminder!