As much as we in the real estate industry like to believe that each real estate transaction is everyone’s top priority at all times throughout an entire transaction, the reality is that life does not stop just because you have signed a contract and will soon be closing on a home.
What this means at times is that coming together at the closing table at an agreed-upon date and time is not always possible. Many customers, both buyers and sellers alike, face time or distance constraints that prohibit them from being at a specific title company at a specific time on a given date for their closing.
Whether it is a business trip, family vacation, delayed move-in plans, tight work schedule, or simply some unforeseen emergency; there are lots of reasons why scheduling a closing on a home can get complicated in those last days. But fear not all hope is not lost.
There are several very sound options available should you not be able to make the prescribed date and time of your closing.
POWER OF ATTORNEY
You sign a legal document giving another person full legal authority to sign on your behalf. This is typically a spouse, trusted friend, or advisor.
Why it’s a good idea:
- Generally no additional fee required
- You only have to work with one person’s schedule
Why you might want to think twice:
- You must trust the person to whom you give the power of attorney
- Original Power of Attorney document must be provided to title company at closing
- You must be accessible by phone so that the title company can do an “alive and well” phone call to make sure you are alive and have not revoked the Power of Attorney
- Verbiage on the Power of Attorney form should be cleared with your lender and the title company in advance
CONCLUSION
As you can see, there are several options for closing on a home while you are out of town. To ease the process, be sure to notify us immediately after finding out your plans. If we know in advance it will help plan out how you will close on the home and make sure all the pieces to the puzzle are in place to keep everything running smoothly while you are away.
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