Updated: Oct 18, 2022
Real Estate is not for the faint of heart, as you well know! What if the scary part of your job, was not the buyer who had a change of heart or the financing that fell through? What if the scary part was the house!??
Is the seller required to disclose that their home is haunted? Is a Homeowner protected by title insurance when they are not truly “alone”?
This article, written by Spruce Legal, outlines a few creepy cases that went to court and the outcome of each. Click here
Not scared yet? Try visiting the 9 Most Haunted Places in Ohio. Click here
Have you ever had uneasy feeling in a listing or house you were showing? Tell us about it in the comments section below! We love stories!
Updated: Oct 18, 2022
A POA, or Power of Attorney, can give an attorney in fact power to act on their behalf in a real estate transaction, however there are important limitations as to when they can and should be used.
A POA, or Power of Attorney, is a legal document that allows someone else (referred to as agent or attorney in fact) to act on your behalf (referred to as the principle) in a specific capacity.
When can a POA be used?
· A POA's use should be reserved for extreme cases in which the principle is physically or mentally incapable to sign.
· Verify why the POA is being used
· If it’s use is not completely necessary, avoid use of it
If a POA is being used:
· Must be reviewed and approved by the Title Agency
· Must be reviewed and approved by the Lender (if used on the buyer side)
· Original Power of Attorney must be recorded at the County
When can a POA not be used?
· In all cases, a POA becomes null and void upon the death of the principle.
· A POA usually cannot be used when the property is titled in a Trust, LLC, or Corporation. This is solely dependent on how the Trust or Business Documents are written and would need to be reviewed by the Title Agency.
· Self-Dealing – when it directly benefits the Attorney in Fact (unless the POA allows it).
To avoid unnecessary headaches, ask your client questions upfront regarding the use of the POA. In addition, reach out to us for assistance in the preliminary stages of the selling or buying process to review a POA or answer any questions you or your client may have!
As always, please let us know should you have any questions regarding this topic!
Updated: Oct 18, 2022
Then there were 3. Three States remain in which Dower Rights exist: Ohio, Arkansas, and Kentucky.
What are dower rights anyways?
Dower Rights are the interest in real estate intended to protect a spouse who does not hold title on a property. Dower Rights apply whenever an individual owns real estate and is married.
Here are some common questions we field with regards to spouses and signing:
1. When must a spouse sign title documents?
-when selling a property
-when purchasing a property with financing
2. When would a spouse not be required to sign title documents?
-when one spouse is purchasing a property with cash
-if one spouse is POA for the other spouse. Original POA will need to be recorded
3. Divorce or Separation is pending, does the spouse need to sign?
Yes! Until the divorce or separation is final with the courts, parties are still considered married
and with that, dower rights still apply.
4. My spouse is not a borrower, why do they need to sign?
If the purchase is being financed, the spouse’s signature is required on certain documents even though they are not the one borrowing money. The reason has something to do with if the bank were ever to foreclose on the property. In the case of a foreclosure, the non-borrowing spouse’s signatures at closing allows the bank to foreclosure without the dower rights standing in the way.
5. I don’t know where my spouse is. Can I still sell my property without their signature?
No. You may need to reach out to a real estate attorney for guidance.
6. My spouse will not sign documents for my financed purchase or for my sale. Can I still purchase or sell?
No. You may need to reach out to a real estate attorney for guidance.
7. I am divorced, but was married when I purchased my property. Does my ex need to sign closing documents?
Probably not.
Divorce documents are always reviewed as a part of the title and escrow process. It may be determined that an ex-spouse’s signature is needed for the purpose of clarity that the decree was followed with regards to the property.
Dower rights have been called antiquated, but for the time being they exists and must be upheld in any Ohio Real Estate transaction.
As always, If you have any questions about dower rights and how it relates to a possible transaction, please reach out!