A power of attorney (“POA”) is a contract that provides one person (“Agent”) the authority to conduct business on behalf of another person (“Principal”). If you will not be available for a real estate closing, entering into a POA with a trusted person may be an option for you to discuss with your lawyer.
Examples of when someone would use a POA are:
Many states provide statutory forms for POAs, so that the contract does not need to be drawn up by your lawyer from scratch—saving you time and money. The citations for the available forms are listed below:
StateStatutory FormStateStatutory FormALAla. Code § 26-1A-301MTMont. Code Ann. § 72-31-353ARArk. Code Ann. § 28-68-301NENeb. Rev. Stat. Ann. § 30-4041CACal. Prob. Code § 4401NVNev. Rev. Stat. Ann. § 162A.620COColo. Rev. Stat. Ann. § 15-14-741NHN.H. Rev. Stat. Ann. § 564-E:301CTConn. Gen. Stat. Ann. § 1-352NMN.M. Stat. Ann. § 45-5B-301DEDel. Code Ann. tit. 12, § 49A-301NYN.Y. Gen. Oblig. Law § 5-1513D.C.D.C. Code Ann. § 21-2101NCN.C. Gen. Stat. Ann. § 32C-3-301GAGa. Code Ann. § 10-6B-70OHOhio Rev. Code Ann. § 1337.60HIHaw. Rev. Stat. Ann. § 551E-51OKOkla. Stat. Ann. tit. 15, § 1003IDIdaho Code Ann. § 15-12-301RI18 R.I. Gen. Laws Ann. § 18-16-2IL755 Ill. Comp. Stat. Ann. 45/3-3TXTex. Est. Code Ann. § 752.051IAIowa Code Ann. § 633B.301UTUtah Code Ann. § 75-9-301KSKan. Stat. Ann. § 58-632WVW. Va. Code Ann. § 39B-3-101MDMd. Code Ann., Est. & Trusts § 17-203WIWis. Stat. Ann. § 244.61MNMinn. Stat. Ann. § 523.23WYWyo. Stat. Ann. § 3-9-301
These forms are just a starting point and not meant to be a substitute for legal advice. If there’s anything about the terms of the statutory POA that you do not understand, you will need to speak to your attorney.
If you’re closing a transaction with Spruce and using a POA, please let us know as soon as possible! We need to review the document and make sure we check all the boxes, including the following:
Have more questions? Get in touch with us here: firstname.lastname@example.org.
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