A Durable Power of Attorney for finances allows you to designate someone you trust to conduct financial business for you in the event you cannot conduct your own financial business. If your parents have both named you as their attorney-in-fact, or agent, under their respective powers of attorney then you may act under the authority granted in the documents.
- You should read the power of attorney document carefully to make sure it gives you the authority to convey real property. For a non family member agent, a description of the real property is required in Oregon. Also, make certain the document gives you present authority to act. Some powers of attorney only give the agent authority to act if the principal lacks capacity.
- You should work with the realtor and title company to ensure the title company will honor the power of attorney. The title company may want its legal department to review the document.
- The power of attorney(ies) will likely need to be recorded in county deed records of the county where the home is located. When you sign the deed conveying the home you will be signing as your parents attorney-in-fact. It is helpful if the fact of the powers of attorney having previously been recorded is included in the deed.
Finally, you need to remember that the authority granted under the power of attorney ends at the principal’s death. This means the deed conveying the home to the third party purchaser needs to be signed prior to the principal’s death.
An experienced Estate Planning Attorney can help you understand your rights and duties as an agent under a power of attorney. Contact the Estate Planning attorneys with the Law Offices of Nay & Friedenberg in Portland, Oregon at (503) 245-0894 to set an appointment.
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