RECA Residential ExamLatest Updated 2024Power of Attorney-a legal document authorizing someone to act on your behalf-must be 18-POA must be written, dated and signed by both donor and witness-donor must be mentally capable or contract is void-only effective aslong as donor is alive, will takes effect once deathTypes of POA-General POA-has no limits on powers of the attorney-can make all decisions regarding financial and legal affairs-exception where the donor resides and health careSpecial POA-make certain decisions-also called limited POA-may grant authority to oversee sale, deals with land-must be registered on Certificate of TitleImmediate POA-takes effect as soon as POA is signed, dated and witnessed-terminates upon loss of mental capacity or deathEnduring POA-immediately upon being signed, dated and witnessed-continues if donor becomes incapable, mentally incapacitated-must include statement whether it takes effect immediately and continues...Judicial Sale-Court ordered sale usually as a way to resolve legal matters-primary debt recovery method for default mortgagesPreview Mode
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