Real Estate

buying from a POA seller caveats?

  • Last Updated:
  • Jun 4th, 2021 2:15 pm
Tags:
[OP]
Deal Addict
Jan 30, 2013
1160 posts
325 upvotes
RICHMOND HILL

buying from a POA seller caveats?

in this hot market, are there any caveats in signing a purchase agreement before lawyer has the chance to review it.
My lawyer said he would like to review the POA first but often in this market it is not possible,much like the condition of inspection is impossible . The offer would simply be rejected.
Would the selling agent be responsible if the POA is later on contested?
Last edited by goldenball on Jun 4th, 2021 1:21 pm, edited 2 times in total.
6 replies
Deal Addict
User avatar
Nov 30, 2005
1833 posts
1417 upvotes
Ottawa, ON
You are the seller or buyer? Stuff in the POA are often pretty straight forward and doesn't need a lawyer to review. What exactly are they concerned about within there?
Deal Fanatic
Mar 27, 2004
7091 posts
5029 upvotes
Toronto
aak for the poa document
Full-time Realtor
Deal Guru
User avatar
Mar 23, 2008
13004 posts
9941 upvotes
Edmonton
goldenball wrote: in this hot market, are there any caveats in signing a purchase agreement before lawyer has the chance to review it.
My lawyer said he would like to review the POA first but often in this market it is not possible,much like the condition of inspection is impossible . The offer would simply be rejected.
Would the selling agent be responsible if the POA is later on contested?
Seems like that would have been a great question to ask your lawyer…. In any case, if it gets to that point, it’s likely to be a very big mess, which could hold up things for months. Straightforward when it’s all lined up, worse than a tenant who won’t leave it it falls apart.

C
[OP]
Deal Addict
Jan 30, 2013
1160 posts
325 upvotes
RICHMOND HILL
CNeufeld wrote: Seems like that would have been a great question to ask your lawyer…. In any case, if it gets to that point, it’s likely to be a very big mess, which could hold up things for months. Straightforward when it’s all lined up, worse than a tenant who won’t leave it it falls apart.

C
My lawyer advised caution potential problems with POA and probate if any etc (after the fact) but both selling agent (1%commision) and buying agent (2.5%) thinks its ok, just sign at the dotted lines and hand over the cash otherwise offer goes to the next bid in line.
Last edited by goldenball on Jun 4th, 2021 1:18 pm, edited 2 times in total.
[OP]
Deal Addict
Jan 30, 2013
1160 posts
325 upvotes
RICHMOND HILL
ZxExN wrote: You are the seller or buyer? Stuff in the POA are often pretty straight forward and doesn't need a lawyer to review. What exactly are they concerned about within there?
oasis100 wrote: aak for the poa document
legalese drafted in a fancy downtown specialist estate lawyer 's office. Not the free type downloaded from the provincial govt
Deal Fanatic
Jan 15, 2017
5031 posts
4893 upvotes
Ottawa
goldenball wrote: My lawyer advised caution potential problems with POA and probate if any etc (after the fact) but both selling agent (1%commision) and buying agent (2.5%) thinks its ok, just sign at the dotted lines and hand over the cash otherwise offer goes to the next bid in line.
You mentioned POA - which potentially deals with property when the owner is alive, and probate - which I'm assuming means that the owner has passed away. If the owner of a house had a POA in place and then passes away, the POA ceases to have any legal standing. Once the owner passes away the will and executor steps in.

Can you provide more clarity here?

Top