What things must a buyer bear in mind regarding Special Powers of Attorney (SPA) to sell property?
A. (1) The SPA must be notarized and in affidavit form. (2) It should particularly and specifically describe not just the real property but also the transaction being proposed. (3) The SPA should be annotated in the title, preferably at or around the time of the execution of the SPA. However, it is often the practice that the SPA is not registered until after the transaction is executed- i.e. both the SPA and the Deed of Sale are simultaneously registered. (4) It is best that the SPA should be verified with the notarial records and the copy actually filed with the Register of Deeds. Some sellers have been known to show SPAs totally different and dissimilar from that on record with the Register of Deeds. (5) Some documents entitled SPA are actually employing terms and provisions applicable to general powers of attorney, which means the attorney in fact may not be authorized to sell the property.
Related Questions
- When do Special Powers of Attorney continue to have force and effect as against third persons who had no knowledge of such lack of authority?
- Do the Buyer and Seller need a Real Estate/Business Broker or an Attorney to draft a buy/sell or purchase agreement?
- What things must a buyer bear in mind regarding Special Powers of Attorney (SPA) to sell property?
