Tuesday, August 11, 2009

Your Power of Attorney may be invalid

The existing signed Power of Attorney you're using might not be acceptable for your upcoming closings.

The five Toronto area Law Offices of Stephen H. Shub recently experienced several situations where an existing signed Power of Attorney has not been acceptable for a current closing.

Be aware that if you use a Power of Attorney now, one of the two witnesses must be:

a) a lawyer or attorney or equivalent

b) a notary public

c) a local government official with an official stamp

Futher, if a Power of Attorney is being used to close a purchase with a new mortgage, the mortgage lender must pre-approve in writing the use of a power of attorney prior to closing.

For a seller, the law office must receive a legible copy of an unexpired photo ID. Alternatively, for the purchaser's mortgage the law office must receive both a legible unexpired photo I.D. for the person who granted the power of attorney plus a secondary ID.

READ and print the rules and forms for "Power of Attorney" page on our law office website at www.home-legal-cost.com.

Stephen H. Shub Professional Corporation now has 5 Toronto area law office locations to serve you with 28 staff (speaking 12 languages) providing legal services in residential real estate closings. We have NO voice mails and only live personal service at 416-520-6120 to 11 pm 7 days. Quotations for legal fees and legal disbursements are available on our website for any residential sale or purchase up to $1,500,000.00.

Stephen H. Shub Professional Corporation
Barrister, Solicitor, Notary 5799 Yonge St. #803, Toronto, Ontario M2M 3V3
Tel: (416) 222-1882 • Cell: (416) 520-6120 to 11pm 7 days

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