Power Of Attorney Guidelines And Special Power Template printable pdf download

Power of Attorney Guidelines

If you would like to complete your closing using a Power of Attorney, you must notify CapCenter

immediately. A Power of Attorney must be submitted to CapCenter for review and approval no later

than 3 business days before your scheduled closing date. CapCenter cannot accommodate a same day

Power of Attorney closing. Due to underwriting guidelines beyond our control, CapCenter also CANNOT

allow you to use a Power of Attorney if your transaction is a refinance in which you will be receiving cash

back (known as a “cash out” refinance). If you are unsure whether your refinance constitutes a “cash

out” transaction, please discuss this issue with your Closing Consultant.

To use a Power of Attorney, you may:

•

Submit an existing Power of Attorney for review and approval

•

Have your attorney prepare a Power of Attorney for review and approval

•

Complete CapCenter’s Special Power of Attorney form below (a sample completed Special

Power of Attorney form follows the blank form)

It is very important that CapCenter review and approve your Power of Attorney before closing. If your

Power of Attorney does not comply with our guidelines, we will be unable to close your loan using

that Power of Attorney.

General Information about closing with a Power of Attorney:

•

If a person who will not be present at closing is one of the property owners, you must enter that

person’s name in the “Principal” section, beneath the signature line, and in the notary block

EXACTLY as the person’s name appears on the deed which transferred title to the property to

that person. If you do not have a copy of your deed, please contact your Closing Consultant who

will be able to provide you with a copy.

•

The person who will serve as the attorney-in-fact (POA) for the Borrower or Property Owner

who is not present for closing must bring the original Power of Attorney to closing. It will be

recorded in the Clerk’s Office of your city or county. The Clerk’s Office will return the original

copy to you in the mail.

•

During the closing, the person serving as POA will be required to sign all necessary documents

on behalf of the non-present party. The person serving as POA must sign all documents in the

following manner: “(Party Present for Closing’s Name), as Attorney in Fact for (Party Not

Present for Closing’s Name).” The person serving as POA cannot simply sign the name of the

non-present party.

•

Because POAs expire upon someone’s death, at the closing, the person serving as POA will also

be required to sign an “Alive and Well Affidavit” affirming that the person for whom they are

serving as POA is alive and well as of the time of the closing.

•

We will charge a $42 fee at closing to record the Power of Attorney and Alive and Well Affidavit.

This fee is charged by the Clerk’s Office to record the documents and is not part of our “No

Closing Cost” program.

Power Of Attorney Guidelines And Special Power Template

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