Powers of Attorney
Contents
Overview
[General Overview]
Sources
- Statute
- Common Law
Compliance
- Agents should never prepare a Durable Power of Attorney even if not legally prohibited from doing so.
[Any prohibition on who may prepare a transaction specific POA]
Forms
- Statutory
- Common Law
Search
[Where any POAs will be found during a title search]
Examination
[Requirements that should be raised if a POA was not recorded or if there is some defect in the POA either in form or substance]
[References to any published title examination standards]
Underwriting
[Requirements for handing POAs in connection with insuring a transaction]
Requirement Language
- In the event any party to the transaction contemplates the use of a Power of Attorney, the Company requires submission of the Power of Attorney no less than three (3) days prior to closing for approval. (General WFG Language)
Recording
[If and when recording of POAs is required either by state law or underwriting rule]
Types
[List available types of POAs or indicate if these types cannot be used]
- Durable
- Special Purpose
- Transaction Specific
- Other
Content
[Basic Checklist as to content]
Prohibition on Self-Dealing
[Is there any prohibition on self-dealing? Are there any exceptions to the rule or any court procedures for allowing such use?]
Witness Requirements
[Witness requirements for each type of POA whether based on state law or underwriting rule]
Foreign Powers of Attorney
[Is the use of a POA from outside of the state permitted. If so, are there any limitations or requirements when reviewing the out-of-state POA?]
