Escrow Tip – August 2012
Often the Escrow Agent and Seller’s Real Estate Agent are approached during a transaction with a request from the Seller to use a Power of Attorney on the sale transaction. One immediate question that comes to mind: Is the transaction a Short Sale? If so, you may want to avoid the use of a Power of Attorney for this transaction. When the use of the Power of Attorney is unavoidable the tips here may be useful. Be aware that Escrow, Title & the Seller’s Lender/Servicer will want to review the Power of Attorney. The Power of Attorney must be approved for use by the Escrow, Title & the Seller’s Lender/Servicer. The Power of Attorney should be submitted to all parties well in advance of the closing to avoid delays at the closing.
Be sure to cover this issue with the servicer as early in the transaction as possible. Ask your Escrow Officer at Title Security Agency about completing a Specific Power of Attorney for this transaction. Once the Seller has signed, before a notary public, the Power of Attorney the original should be delivered to escrow, preferably well in advance of the closing on the short sale transaction.
Your Escrow Officer at Title Security Agency stands ready to assist you with your Short Sale closing and welcomes any questions you may have. A list of the Escrow Officers for Title Security Agency can be found on our website here.