Limited POA — A limited POA gives the attorney-in-fact powers to act in your stead for all matters pertaining to a specific real estate transaction. A limited POA will typically spell out the duties of the attorney-in-fact as well as describe the real estate involved. Once the transaction has been completed, the POA will terminate.
All I have seen have been specific to the transaction, they provide it and original must be filed and recorded. I think it's up to the lender, but if you went with the DPOA, you would have to give them an original to be recorded IF they accepted it. So far, I have never seen one use a DPOA for real estate.
|