Special or Limited Power of Attorney for Real Estate Sales Transaction By Seller - North Carolina 2025

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How to use or fill out Special or Limited Power of Attorney for Real Estate Sales Transaction By Seller - North Carolina

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  1. Click ‘Get Form’ to open it in the editor.
  2. Begin by entering your name as the Principal in the designated field. This identifies you as the person granting authority.
  3. Next, fill in the name of your Agent, who will act on your behalf regarding the real estate transaction.
  4. Specify the property location in North Carolina, including county and any identifying details necessary for clarity.
  5. Review the Grant of Authority section. Ensure that it accurately reflects the powers you wish to grant your agent, including authority over real property and financial transactions.
  6. Set an effective date for this power of attorney and specify an expiration date if desired. If no date is provided, it will automatically expire one year from signing.
  7. Sign and date the document at the bottom. Ensure your name is printed clearly beneath your signature.
  8. Finally, have a notary public witness your signature to validate the document legally.

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Yes. By custom, the lender and the buyer are usually represented by the same lawyer. Therefore, if the lawyer does not intend to represent both the buyer and the lender, the lawyer must give timely notice to the party that the lawyer does not intend to represent, so that this party may secure separate representation.
Dual agency is legal in North Carolina as long as both parties (e.g., seller and buyer) have provided written authority for the agent to represent both parties in the transaction. A dual agent owes the same fiduciary duties to both the principals in the transaction.
[i]f the interests of the buyer and seller of residential property are generally aligned and the lawyer determines that he or she can manage the potential conflict of interest between the parties, the lawyer may represent both the buyer and the seller in closing a residential real estate transaction with the consent of
A Limited Power of Attorney (also called a Specific or Special Power of Attorney) allows the person who has the POA, the holder, to legally act on behalf of someone else, the principal, for a specific timeframe, scope or document.
If you are buying or selling assets and do not wish to appear in person to close the transaction, you may take advantage of a power of attorney. Another important reason to use power of attorney is to prepare for situations when you may not be able to act on your own behalf due to absence or incapacity.
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Rule 7 of the Rules of Professional Conduct of the State Bar states that: A member of the State Bar shall not represent conflicting interests, except with the consent of all parties concerned.
Since North Carolina requires you to have a real estate attorney at closing, you dont need to engage a title company. However, your real estate attorney will be responsible for ensuring a clear and free title and for securing the proper title insurance for your purchase.
As per the laws of the Law Society, an attorney cannot represent both parties simultaneously to avoid any possibility of conflict of interest. This is because both the parties will pressured for better rates and higher profits. However, the parties are allowed to hire different lawyers from the same law firm.

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