Legal Question in Real Estate Law in Ohio
real estate
I am attempting to sell a home in a parents name who gives me power of attorney to do so. Does the seller, the realtor, or any third parties need to contact and communicate with that parent in order to sell the home? In what form is the final proceeds paid to the parent and can the proceeds be given to the power of attorney in his or her name after the sale?
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2 Answers from Attorneys
Re: real estate
One must first look to the power of attorney to see if your parents need notice. Second the power of attorney needs to be recorded and that can be taken care of by either the realtor or the title company. Third, the money can come to either the principle or the agent with the knowledge that your are holding the funds in trust for your parents.
Re: real estate
Depends on the text of the POA, as to whether the principal is entitled to notice. The POA must have been recorded before the date of sale. The contract proceeds can be made out to either the principal or the agent, as long as the agent's status is clearly indicated.
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