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The Uniform Special Durable Power of Attorney Form By K. Michelle Lind Posted: February 2005 |
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A Power of Attorney is a written document by which one individual designates
another person to act as the individual’s agent. The requirements for
the creation of a durable Power of Attorney (one that remains valid even
if the individual is subsequently disabled or incapacitated) are set
forth in Arizona statute at A.R.S. §14-5501 et. seq. Further, either
husband or wife may authorize the other by Power of Attorney to sign all
documents relating to the transfer of real property pursuant to A.R.S.
§33-454. Several Arizona Association of REALTORS® (“AAR”) members expressed frustration with the number of different Power of Attorney forms utilized in the State. Each of the many Escrow/Title Companies required execution of a different form, often resulting in delays in closings. AAR’s Industry Issues KRA was asked to explore the possibility of working with the Title Industry to draft a uniform Power of Attorney form. In March 2004, AAR contacted the Land Title Association of Arizona (“LTAA”) to develop a uniform Power of Attorney form. The LTAA representatives agreed that a uniform Power of Attorney for real estate transactions would be beneficial to both industries. After numerous revisions, LTAA and AAR approved a uniform Special Durable Power of Attorney form that is now available on AAR’s website at: www.aaronline.com/documents/POA_2.05.pdf and will be accepted by most Title/Escrow Companies. The form when properly executed permits the agent appointed pursuant to the Power of Attorney “to sell, convey, purchase, acquire, mortgage or otherwise encumber, transfer in trust, borrow money and execute and deliver notes therefore, loan money and receive notes and security therefore, and take or perform any other act necessary or appropriate regarding the real property” described in the Power of Attorney. Check with the Title/Escrow Company you are working with to see if they will accept the Uniform Power of Attorney, or have the form available, in your transactions. (A special thanks to Diane Flaaen, State Counsel, LandAmerica Financial Group, Inc. and Chair of the LTAA Legislative Committee for spearheading the efforts to draft the form.) |
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