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Power of Attorney with a property sale?
My sister lives in NY where our property is for sale. I received an email from the broker asking to have my sister as power of attorney because I live in Kentucky. Is there anything I should be concerned about or that I should have put into the paper? I
Yes, the broker is in NY. She emailed all the listing docs, I printed them out and mailed them back. I don't see why there even needs to be a POA since all my docs were done through email / mail. I don't like the fact that my sister actually considered offers on the property, prior to hiring a broker, way below market value ie: the property is listed for $90k, she actually entertained an offer of $25k....oy vey. I wont have this chance again, but I do know all about the window of opportunity with offers, and responding in a timely manner.
This is a one shot deal for me, money wise, to start a new life on my own and don't want to mess it up. I trust my sister, but I don't think she knows squat about money deals and what things are worth.
I like the idea of stipulations in POA, I just don't know how to word it properly or what I should even stipulate!
Ooops, yes, 30 acres with a beat up house and out buildings.
Wow, you folks are so helpful! Thank you so much. Sometimes it helps me to just listen to what I am 'saying' and to get advice from others.
Yeah, I don't think I need a POA either, it just doesn't feel right and my sister will have to deal with it. I don't want to gamble with my share of the money and I don't have to. If there is an offer on the property, I cant see why she cannot call me when i have a cell on me at all times. Plus, I didnt like her attitude in the email to the lawyer she was going to use for this (yeah, I dont remember being asked either...) that it took so long for me to get the listing docs back to her. Well, she is the one that said she did not need them right away because I had already verbally given her permission.
Thank again, you have all been a huge help.
4 Answers
- Paul DLv 58 years ago
A standard POA form should indicate what powers you are granting. For sure you should limit it to real property transactions to do with the specific property.
May think of having the POA ready but don't send to her until the deal is close to closing, then put a time limit on the POA.
Some of this depends on how much you trust your sister.
- acermillLv 78 years ago
In this modern era, there is absolutely NO reason why you should sign a POA, turning authority to your sister (who doesn't seem too bright). While document communication may be a bit more pricey, there is no reason to not use a service like FedEx Next day air. I'd not agree to that POA request, were I you.
- kemperkLv 78 years ago
something is missing here;
how did the property get listed?
A broker in another state [if he does not have a license in NY]
cannot sell that prop.
A NY broker can. YOU live in Kentucky. She in NY.
is it an estate sale?
please give more data.
- Cathi KLv 78 years ago
It means she can make any decision she wants with no approval from you unless you specify limitations.
