Legal Question in Real Estate Law in Texas
real estate-power of attorney
I am a part-owner of land in Texas that we are going to sell. I need to know the requirements, provisions, or whatever, pertaining to the powerof attorney neccessary. The land is part of an estate which has an executor. Was told it would be wise to have everyone's signature on a POA before our visit to discuss the sale of land. Most all heirs are in Kentucky, and I need to know if there are any extra provisions and/or requirements for the document. Thank you for your help!!
2 Answers from Attorneys
Who owns the land, again?
Are you part-owner and the estate is anotherpart owner? If there's been an executor appointed under court aegis, s/he ought to haveauthority to sell without the heir's specificpermission, but wise executors get it anyway tohelp reduce their legal exposure. Sometimes the(but only rarely) the court itself needs to approve the sale; the biggest issue is often some sort of assurance that the estate / death taxes corresponding have been paid.
All this said, you probably should ignore it and consult a local conveyancing (real estate) attorney. I'm frankly not sure any of what I said is truefor Texas. Okay?
Real Estate Power Of Attorney
If the estate is in the process of being probated, the executor sells the land through an executor's deed. If the estate is not being probated or has been closed, then the powers of attorney by the beneficiaries may suffice. However, if a loan is involved, the lender may require the actual signatures of the beneficiaries in lieu of the powers of attorney. If a contract of sale has been placed on the land, ask the lender what their requirments are.