Can I use a power of attorney (POA) for my closing?

YES, but you should review the following carefully:

  • Any POA must be reviewed and pre-approved by (i) OTT and, IF you are the purchaser, (ii) by your lender(s).
  • The review of the POA should be done as soon as possible in case the existing POA is not acceptable, prompting the need for a new POA to be drafted and circulated prior to closing.
  • The pre-approved ORIGINAL POA MUST be delivered to OTT at or before closing, as we must present the original POA at the courthouse for recordation.
  • A Special POA for the specific transaction is normally required in order to satisfy the title company insuring the transaction.
  • If a General POA is pre-approved by OTT for the transaction, we must collect and keep the ORIGINAL POA to be recorded at the courthouse. The original will be returned to you after recording at the courthouse, which may take a few weeks.
  • Please be sure that OTT has contact information for the person who will sign for you and be sure that person will attend closing. Also, it is wise to give OTT and the person signing for you a phone and fax number to reach you during closing for any last minute issues.
  • If you are the seller, be sure your agent or the person signing for you has the keys, garage door openers, any money due from you, etc., to deliver at closing.
  • If you are the purchaser, be sure you make arrangements to have your purchase money delivered to OTT at or before closing. Checks are to be made payable to OTT and must be a cashier, certified or teller check. Wired funds should be wired for arrival at OTT the day before closing; please note that wired funds coming from some source other than a bank (such as a brokerage account) often require three (3) days prior notice. OTT should be informed of any wire expected to be sent to us and the wire should contain a reference to your specific case.
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