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Posted by PaigeTurner on 5/22/22 6:23pm
"Now the law states that once a power of attorney is presented to a third party, the third party is required to accept or reject the power of attorney within four business days and to provide a written explanation for rejection unless the third person is not otherwise required to engage in a transaction with the principal."
They reject it. They want lender builder specific for new construction made just for that transaction and drawn up by their attorneys with their specific verbiage.
They reject the one presented and send them the one they want for their transaction drawn up by their legal team. I only have 1st hand knowledge from builders who use their own title and majority of the time their own lenders.
What others do, I don't know, only for new construction, and have never seen their own general POA used. |
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