Power of Sale
Purchasing property that is being sold under Power of Sale may offer attractive bargains for the careful investor. There are risks however unique to this type of transaction. Experienced legal representation is essential.
The team at Donnell Law Group have the experience necessary to identify and explain to you the potential areas of concern.
Some considerations unique to Power of Sale transactions:
- The seller is not the owner willing to sell but instead a bank or other mortgage lender who may know nothing about the property apart from its appraised value. Additional care may be needed to ensure you are not going to be surprised by the state of your new property.
- Agreements affecting Power of Attorney properties typically include a clause designed to protect the current owner should they be able to pay out their loan prior to the sale of the property. This can leave you, the potential purchaser, at financial risk. Your lawyer needs to understand this risk and ensure that your interests are protected.
- There could be a problem obtaining vacant possession of the house you are purchasing. As part of your offer to purchase this needs to be considered and steps taken to minimize your risk.
Ensure that You Are Protected
Legal professionals should always be consulted before you commit to any real estate purchase but in particular a Power of Sale transaction.
Donnell Law Group has the experience to protect your interests and offers a free consultation to allow you to understand your options. They can help you to decide how you want to proceed. Call today for your free consultation.
