This article continues our series on powers of attorney in Oklahoma. Our last article explained why you should always work with a lawyer to create a power of attorney. We see many clients use unofficial forms on the attorney, yet don’t realize that each state requires different language. It is very common to see power of attorney forms rejected because they don’t comply with our state’s law. Working with our office is not expensive and will ensure your documents will work.
In this article, we will look at how to use a power of attorney in a real estate transaction.
What is a power of attorney
Oklahoma law defines “Power of attorney” as a writing or other record that grants authority to an agent to act in the place of the principal, whether or not the term power of attorney is used. See Title 58 O.S. § 3002(7). What that means is that if you want someone to act on your behalf, you need to give them power of attorney.
Why would you want someone to act on your behalf? There are many reasons to delegate legal authority to another person. You could be out of state, and you need someone to sign a document for you.
Can you use a power of attorney for real estate transactions in Oklahoma?
Yes, Oklahoma law specifically permits the use of a power of attorney in real estate transactions. The state has a set of laws governing the use of power of attorney forms. They define the different powers that can be delegated. Each power comes with its own definition. One of those specifically defined powers pertains to real estate.
The general power of attorney with respect to real estate includes every conceivable situation from accepting real estate as a gift, to giving real estate away. The power includes the ability to mortgage the principal’s real estate. And of course, it includes the ability to buy and sell property.
This means that you can use Oklahoma’s power of attorney form for real estate transactions. If you own real estate in Oklahoma, you can delegate the power to sell that property to another person. That person could be your accountant, attorney, or any person you choose. You could also empower a person to buy property on your behalf.
The advantage of using a power of attorney for real estate actions is that you can avoid appearing at the closing. In Oklahoma, we do not allow deeds to be electronically signed. All documents recorded with the county must be original “wet” signatures. This means that the buyer and seller will always have to either appear at closing to sign, or mail in their signatures after signing in another state. However, with the use of a power of attorney, you can have someone appear at closing on your behalf.
How to get a power of attorney for real estate transactions
Oklahoma law clearly allows a power of attorney for real estate deals. The next step in getting a power of attorney is to use the right form. Not all forms will be accepted by banks and title companies. The concern for fraud in real estate transactions is quit common. For this reason, banks and title companies will closely scrutinize power of attorney forms to ensure they comply with the standards of Oklahoma law.
If you need a power of attorney for a real estate transaction in Oklahoma, contact our office for assistance. We provide power of attorney documents, as well as many other documents related to real estate transactions in Oklahoma.
Travis Charles Smith is a real estate attorney in Oklahoma. Our office works with real estate investors, landlords, property management companies, realtors and brokers, as well as regular homeowners in Oklahoma City.