At the end of 2021, we posted a blog titled, “Power of Attorney: How does it work, and what to do if you need one.” In that post, we shared the definition, types, and benefits of a Power of Attorney, as well as how to go about securing it before it’s needed.
Today, we’ll share the story of a closing where all parties involved worked together for the best outcome on behalf of an amazing, military family. We won’t use our buyers’ real names here, but we hope you get how everyone involved worked together to deliver results. It’s just what we do here. With patience, knowledge, perseverance and outstanding industry professionals, a safe, secure, successful closing was had by all.
The Highland Title + Escrow team is always excited to welcome new residents to the DMV because we are proud of everything this area has to offer. For this specific transaction, the perfect home was found for (we’ll call them the Smith family) with the assistance and support of their Realtor®.
The closing was scheduled, and everything was moving right along when it was discovered that the Smiths would not be able to attend their closing in person. The lender would not allow the Smiths to sign remotely where they were, and they would not be allowed to sign using electronic notarization. The lender preferred that the buyers designate someone local to sign on their behalf using a Power of Attorney.
The family’s Realtor® was not allowed by their Brokerage to sign the buyer documents. Brokerages typically do not allow their agents to sign for the client using a Power of Attorney, and furthermore, a Highland employee wouldn’t work either. A relative or friend could have been considered, but none lived near enough to help.
What next? Well, we all put our heads together and utilized our Designated Signing Program. This allows an attorney to act as the agent (see the former blog) and sign on behalf of the buyers, and as an added bonus, there was no additional cost.
The staff and attorneys at Highland sprung into action. We prepared the Power of Attorney and sent it to the Smiths for them to sign. With the proper signatures, the Power of Attorney was established, and it was on to closing.
The closing began with one of our Highland Title Settlement attorneys leading the initial video conference with the Smiths so the closing documents could be explained, and any questions could be answered. While our goal was to close according to schedule, we also wanted everyone to understand the process and recognize that we had one goal…to get the Smiths into their new home.
During a second video conference, the attorney who is part of the Highland Designated Signing Program was present, and as our buyers watched, every document was signed legally and ethically. The settlement was completed on time, and all parties were thrilled!
Of course, we would like for every settlement to be smooth and seamless, and even with all of the bumps in the road, this one was cause for celebration. Regardless of the situation, we want the opportunity to schedule a closing with you. Please click here for our convenient closing cost estimator if you’d like to calculate what your settlement fees may be.