If you have power of attorney for your mother but aren’t quite sure how it works, particularly when you want to sell her house, this article is for you. There are various types of power of attorney, each giving you unique rights.
Let’s dive into what power of attorney actually means and if you can sell your mother’s house with it.
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If you are interested in selling your mother’s house with power of attorney, it could be that she is ill, unable to conduct the transaction, or plans to travel. In this instance, you might be granted a limited real estate power of attorney.
Alternatively, you can also get a general power of attorney to handle all your mother’s affairs, covering any real estate transactions. As the agent with power of attorney, you are responsible for acting in the principal’s best interest (your mother). For instance, you cannot sell your mother’s house to yourself with a power of attorney at lower than fair market value.
Failure to do so can cause another family member to intervene and challenge your power of attorney in court.
There are various reasons why you might end up with power of attorney. It could be that your mother is older and her health is failing. It could also be that they aren’t present, and you must take over a transaction on their behalf.
Regardless of the reason, having power of attorney gives you control over most or some of that person’s affairs. Does this mean that you can sell their home if necessary?
You should note that power of attorney rules tend to vary from one state to another. Depending on the circumstance, the power of attorney could be general or limited. It could also be non-durable or durable. Each type of power of attorney comes with its own uses and limitations.
This type of power of attorney gives a family member authority over an individual’s medical care when a doctor deems the individual cannot make medical decisions alone.
This type of power of attorney is a unique feature that a court can add to a durable or limited power of attorney. This feature will make it trigger once a particular event happens.
This type of power of attorney is a type of non-durable power of attorney, typically used in states such as Colorado for real estate transactions. This is typically used when the seller isn’t present due to illness or absence. Considering it is limited in both scope and time, it can be a great tool for those wanting to give an individual a narrow responsibility.
A durable power of attorney happens when you take over the entire aspect of your mother’s affairs. In this instance, you would become the durable power of attorney if your mother becomes incapacitated. This type of power of attorney tends to kick in the moment the principal (your mother) becomes incapacitated. It also remains valid until a bereavement.
Nevertheless, this type of power of attorney can but both the agent and principal of various scams specifically created to target the infirm or elderly. Thankfully, the CFPB or Consumer Financial Protection Bureau has created action lists you can take to ensure you and your mother are protected from being abused in such a circumstance.
A non-durable power of attorney authorizes you to act on behalf of your mother for either one particular transaction or for a limited time. Consider it as being a contractor that comes in for a single job and then leaves.
The great thing about power of attorney for an elder or the infirm is that it lets you split responsibilities between various family members. With this, each family member gets a different scope of power of attorney.
For instance, one individual can get power of attorney to handle financial matters – such as paying bills; while another has a medical power of attorney to handle medical issues and health care. The third gets limited power of attorney to handle a real estate transaction.
One of the first things you can do when you want to sell your mother’s home with power of attorney is to carefully review the legal document to ensure that there are no limits to your activities or estate planning.
Suppose you are considering getting power of attorney for the specific purpose of selling property. In that case, you should ensure the legal document contains specific wording relating to handling real estate transactions and other financial affairs on behalf of the principal.
You will also want to work alongside an experienced agent like those at We Buy Houses in Denver, as you will need someone that can help you facilitate the sale. Regardless of what agent or service you select, you need to ensure that they are fully aware of the situation to better explain it to prospective buyers.
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