Legal Question in Real Estate Law in Florida
Power of Attorney
Hello LG - I recently applied for an owner-occupied refinance on a condo. My parents live in the condo in Broward County, but i live in NYC. My father and I are both on the deed, since i dropped my mother's name due to her Alzheimers disease a/b 5 years ago, and have since taken over the mortgage payments and put it amended the deed in my name and my fathers name alone. I received a call from the Title co. saying since Florida is a ''marital state'' that they would require my mother's signature(s) as well to proceed with the refinance. I told them that she has Alzeheimer's and is incapable of signing anything since she lost her mental capabilities. they asked if my father had power of attorney and i said, no, he does not. they said that he would have to obtain it to continue the process any further. I ended up canceling the whole refinance and called up a Fla attorney to ask a/b obtaining a power of attorney for my father, and was told that it would cost approx. $2,500! Is there something else I could look into which isn't too overwhelming, since I hope to ask again to refinance in the future and wanted to be prepared. Please let me know any suggestions that i may look into and is a little less expensive. thanks
3 Answers from Attorneys
Re: Power of Attorney
Assuming the condo is your parents' home, you mother will have to sign, or someone who either has her POA or is appointed her guardian by the court will have to sign (unique to Florida due to our homestead laws). The $2,500 you were quoted presumably was for establishing a guardianship, not for a POA. The cost for a POA is minimal, except that she is unable to sign one, so that is a moot point. The guardianship is the only route, and even with a guardianship her guardian would have to petition the court for permission to refinance or sell the condo. The judge would have to determine that the proposed course of action is in her best interests. The Monday Morning Quarterback says that she should have signed a POA when she signed the deed removing her from the title to the condo.
Re: Power of Attorney
Since she is incapable of signing a POA, guardianship is the only way. The Court does have a self help department you may contact.
Re: Power of Attorney
At what stage of Alzheimer is your mother in? If there are moments of lucidity you may very well be able to get her to sign a POA as the measure of competency is a low threshold. Speak to the doctor about her capability of understanding and make sure you have a witness and notary present when/if she signs. You can get a POA form over the internet for free or at nominal cost. Otherwise, it's the guardianship route. As for Dad, get his POA now for any future need. Good luck!
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