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Re: Here you go...law was passed several years ago
Posted by PaigeTurner of AK on 5/22/22 6:23pm Msg #640196
"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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Messages in this Thread
 dementia - obbie on 5/19/22 8:27pm
 Re: dementia -  Cheryl Elliott on 5/19/22 8:51pm
 Re: dementia - obbie on 5/19/22 9:05pm
 Recalling a time when I visited assisted care to notarize a -  Cheryl Elliott on 5/20/22 2:00pm
 Has he been deemed incompetent? - Linda_H/FL on 5/19/22 10:48pm
 Re: dementia -  JanetK_CA on 5/19/22 11:50pm
 just guessing - PaigeTurner on 5/20/22 5:51am
 Re: just guessing - obbie on 5/21/22 9:11am
 You did the right thing - PaigeTurner on 5/21/22 6:42pm
 Awkward situation. I'd be curious as to why the lender -  MW/VA on 5/20/22 8:52am
 Sounds like the lender is suspicious of the POA. Make sure -  MW/VA on 5/20/22 2:46pm
 Re: Awkward situation. I - PaigeTurner on 5/20/22 4:31pm
 That's not true - in Florida, if there is a viable POA in - Linda_H/FL on 5/20/22 4:36pm
 Re: That - PaigeTurner on 5/21/22 6:19pm
 Here you go...law was passed several years ago - Linda_H/FL on 5/22/22 7:52am
 Re: Here you go...law was passed several years ago - PaigeTurner on 5/22/22 6:23pm
 Re: dementia - Clem/CA on 5/20/22 9:15am
 Re: dementia - Carolyn Bodley on 5/20/22 9:29am
 Re: dementia - SC/CA on 5/20/22 1:02pm
 I would avoid it... - FeliseSoCal on 5/20/22 3:53pm
 Re: dementia - PaigeTurner on 5/20/22 4:34pm
 In the end no one wants to end up in court -  Cheryl Elliott on 5/21/22 8:18am
 Re: In the end no one wants to end up in court - obbie on 5/21/22 9:15am



 
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