Use of power of attorney when buying

With the growing fears of title and mortgage fraud, most banks and title insurance companies will not allow a closing to take place under a Power of Attorney unless and until they have vetted this document to make sure it meets their requirements. In fact, some lenders now days will simply not even recognize a Power of Attorney and will expect the buyer to be present to complete the transaction.

Accordingly, in case you are dealing with a buyer who will be absent for her closing, make sure that she takes the time to meet with her lender prior to her departure and confirm not only that the lender will accept a Power of Attorney, but also that this Power of Attorney is precisely in the form and content of what the particular lender will approve.