Questions about my contract

1. POA-this is a legal question so you should ask an attorney. It is my understanding that the person who has received the POA signs their name and then states that has POA for and then either prints or writes the seller's name. You should get a copy of the POA from the one who said they have it; the title company and recorder will want said verification. BTW it should have been recorded.

2. The seller has the right to a copy of the contract regardless of whether or not you assign it. They are an essential party to the contract and needs a copy.

3. No, the inspection clause is the escape clause.

1. NO. POA is an acronym for "Power Of Attorney," I'm assuming that's what you meant by it. As an acronym on a document, it has no legal weight whatsoever. Even in our FaceBook internet tech age, where they make up a new acronym every 3 minutes, the legal system WILL NOT follow pop culture. As such, very few acronyms have any legal meaning. (Example: Having a person sign "X" if they can't sign their name due to disability or illiteracy. This is why most signature lines start with an "X," it's a reminder to people where to put their "sign on the dotted line.") Actually "X" isn't even considered an acronym, it's considered a legal signature, so even that doesn't really count as an example, LOL.

You could put "USA" or "PDA" or "POS" or "SWF" or the signer's bloodtype next to the signature. All are equally worthless. You put comma, "AGENT." It can be in print next to their name under the signature, or in cursive at the end of the signed name. Either way is fine. Attention anyone who reads this: For the Love of God, This DOES NOT MEAN REAL ESTATE AGENT!!!! It means a LEGAL agent, which is a person legally entrusted to protect someone else's interests, BUT BY using their OWN name. Signing someone else's name is ALWAYS illegal (and thus VOID), no matter what your intentions. Printing someone else's name in some places in some states can also be disasterous. This is all "common sense" to attorneys. Call one up and ask him if you don't believe me.

2. OMG! Yes! He gets a copy! In fact, if he tells a judge he forgot your agreement because you never gave him a copy, the judge will scream at you! He should've demanded a copy of it from you the second he signed it! On the other hand, you need a copy of the Seller's POA. It also BETTER be notarized and recorded before your agreement was signed, or your agreement is null and void, meaning - worthless! It may also help you to attach a copy of that POA directly to your purchase agreement as an addendum. It's not necessary, but any extra protection is good protection.

3. We'd have to see the document you used to know for sure, but if you worded that clause the way you had it in parentheses in your post, then yes, you have at least one escape clause.

Five extra tips before I crash out for the night:
First - Don't sign "X" for your name trying to be funny or cute. If you can read and write, and don't have a hook or flipper for a hand, sign your name in cursive. Judges have very high IQ's and very short tempers.

Second - Use only blue or black ink on all documents. You can write and sign a legally binding agreement in purple crayon, but if it goes to court or when it goes to be recorded, someone's bound to ask "WTH is THIS?" (referring to your crayon). Red ink is the dreaded "wire hanger" to a judge. If you use it, expect to get a beating in court.

Third - "Ignorance of the law is no excuse." People who don't use an attorney will hear this right before they get a judgment against them that will likely bankrupt them.

Fourth - "Possession is 9/10ths of the law." People who hear this are about to be put in prison. Usually for handling stolen items, or committing fraud, without their knowledge. Also something to dread.

Fifth - A verbal agreement isn't worth the paper it's printed on. Class dismissed.

Sorry to be so "loud" in my typing but, good people who almost make very expensive errors like this get my attention quickly. Hope this helps you, and may you have continued success in the future...

The only reason he didn't get a copy when I wrote the contract is because we were both in the empty house with no copy machine. Plus I told him I needed a copy of the POA which he didn't have at the time. So instead of running back and forth, I waited until he had the documents and corrected his signature.

But the buyer I thought I had in the bag said it would only be worth $40k if it didn't need any repairs. The comps are at $80-85K and after having 2 estimates done, it needs around $12K in repairs as opposed to 30K that I predicted. However, I told the seller (POA) that we might not be able to get what he's asking and he said he was going to call his father (the owner) and see if he would lower the price. Remember he owes $75K on it. At least that's what the son told me. I should call BOA and ask them what the payoff is just to be sure he's being honest with me.

But on the bright side, I have 2 more weeks to find a buyer and the buyer who didn't want it told me what he was looking for and said he would like for me to send him any deals that fit!! Another buyer on my list!!

Stay tuned!

Thank you. Yes, that's how we did it. He signed his name comma POA for owner's name. If that is not correct, I'm sure the attorney I use will let us know and we can correct it. I knew he had to get a copy. I just didn't know if it was a "contract" until he got it in his hands.

Shirley

Are you an attorney? If you are, I'd hate to be your client. And I'm not in the third grade so don't talk to me like I am?

And everybody knows POA means Power of Attorney, thank you very much.

Shirley,

I just flipped the house with POA person. All I did on the contract, after she prints actual owner's name, she printed and signed her name, after that she wrote " Attorney in Fact" next to her signature.

I hope it helps.

Regards,

Sonny

From EHow on their legal section:

"When signing contracts on behalf of your principal, sign your own name. After signing your name, print your name then, "As POA for" or "As Agent for" followed by the name of your principal. Enter "POA Agent" as your title where requested to do so on tax returns or other forms.

Read more: How to Sign as a Power of Attorney | eHow.com http://www.ehow.com/how_5154849_sign-power-attorney.html"

Then again, according to STANDARD LEGAL.COM:

"If I Have Power of Attorney, How Do I Sign Legal Documents on Behalf of My Grantor?

If you have been named as “Attorney in Fact” by the Grantor of a Power of Attorney, you should sign YOUR OWN NAME, followed by the words “Power of Attorney.”

Do NOT sign the Grantor’s name EVER.

By signing your name and the words “Power of Attorney” after your name, the person receiving documents signed by you on behalf of the person who granted you Power of Attorney understands exactly what is being provided.

(You should also provide a copy of the signed Power of Attorney document whenever a contract or agreement is substantial.)"

I have personally worked in the car biz for a number of years for the largest used car co in the country. We have many people who come in to sell cars from their deceased relatives. They are told by our biz office (who I guarantee knows what is legal) to sign and use the acronym. It IS legal!

Karen

Thanks! That's exactly how I had him to sign it. He had already signed his own name, then I printed "POA For" and had him sign the owners name. This was just an oversight on my part that I didn't have him do it the first time. (you know I was excited about getting the contract!!) The thing we didn't do was have him print his name also. If it is required, it will be no problem to correct. It's not like the guy is trying to pull one over on me.. (I hope)...LOL

I knew POA was legal too because I worked for an attorney for several years.

Shirley

Yes, I think either way works. Whether it's Shirley Phillips, POA FOR SONNY or
Shirley Phillips, Attorney in Fact. Of course with the actual POA attached as evidence.

Shirley

I have a property under contract right now that has a POA. i called my title company and she told me next to there name it says exactly what Sonny said. I typed in the wording myself below example.

Seller: Nancy Smith Attorney in fact for Jane smith
Buyer: John doe