Need to Sell a House for a Friend?
If you are in a unique situation and need to sell a house for a friend, there are some legal aspects you need to consider. It’s not impossible, but there will be paperwork needed for you to represent the other person and sign for him or her at closing, if necessary.
Unless you are a close relative and have another, specific legal arrangement, assisting a friend to sell their home means you’ll probably need a Limited Power of Attorney form to verify your legal status as regards the real estate transaction. A Limited Power of Attorney form may be available from the real estate agent, if one is involved. If not, you can search for forms online.
The Limited Power of Attorney form will specify the duties you have the right to perform for your friend as regards the home sale. It is called “limited” because your legal right to perform specific duties is limited only to those duties. It does not extend to selling a car or a boat. When your friend signs the Limited Power of Attorney form then you can “stand in the place” of the person who signed the form, for the duties outlined in the form.
May people don’t know about this common form, but it is very useful when you need to sell a house for a friend.
What Can You Do Under a Limited Power of Attorney?
You can perform the duties listed in on the legal form, and that is all. A Limited Power of Attorney form is not needed to pack boxes for moving, or to clean the house or do landscaping work. But setting up movers to load the boxes and transport them to another location may require the Limited Power of Attorney form because you are making an agreement for the movers to get paid.
For the most part, people use their Limited Power of Attorney to sign listing agreements, purchase agreements and closing documents. The actual property owner will probably have to sign the Warranty Deed, however. This is something you can find out from the real estate broker or from your friend’s attorney.
Sell a House the Easy Way
If your friend is not available to sell their own house, there’s an easy way for you to get it sold quickly. It will reduce the paperwork required and it will provide the owner with their cash. No real estate agent, no showings, no open houses and no commission check at closing. You will need that Limited Power of Attorney to sign documents, but there will be far fewer documents for you to sign.