Can my Attorney buy and sell property for me and grant a lender a mortgage using the Power of Attorney?
The answer is yes. You can grant a person under a document called Power of Attorney (“POA”), the authority to act for you in accordance with the British Columbia Act called the Power of Attorney Act. The POA can be without conditions (general power of attorney) or with conditions such as a limited to buying or selling the property and granting a mortgage over the property (specific power of attorney). Be sure that the POA excludes the 3 year limitation period imposed by the Land Title Act. Also the POA should remain in force even if you become mentally disabled (enduring POA). The rise in fraudulent transactions has prompted some Canadian Banks to refuse to accept a POA for the mortgage purposes. Ensure that your Bank will accept a mortgage that is signed by you Attorney if you are not going to be available when the mortgage documents have to be signed (no mortgage and no funds = no property). Be sure to provide Cohen Buchan Edwards with your originally signed copy of your POA and conf
