- October 16, 2023
- Posted by: legaleseblogger
- Category: Related News
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Can AI Legalese Decoder Help with Power of Attorney and Real Estate Transactions?
Yes, we are scheduled to meet with a lawyer within a week to discuss our situation. However, I am keen on gaining some knowledge beforehand to ensure that I have a clear understanding of the processes involved. I am still in the process of deciding whether or not I should take on the responsibilities associated with my father’s situation.
My father is currently immobilized and confined to his bed due to medical reasons, but his mental faculties are intact, allowing him to make decisions for himself. He will soon be transitioning from the hospital to either a retirement residence or a nursing home. In order to finance his new living arrangements, he may have to sell his house and utilize the proceeds.
I am wondering if having a “financial” power of attorney would grant me the authority to make arrangements, such as reaching out to a real estate agent and a real estate lawyer, signing necessary documents, and negotiating the sale on behalf of my father. I need clarity on whether I possess the necessary authorization to undertake these actions. It is important to note that my father has expressed his desire to only be informed about the final selling price and is not interested in being involved in the process.
In the event that my father becomes mentally or medically unfit during the sale of his real estate, would there be any modifications or implications relating to the power of attorney I have been granted?
Additionally, I forgot to ask whether I am entitled to a share of the proceeds from the sale of the real estate. For instance, if the sale price amounts to $500,000, am I entitled to claim $15,000 as compensation for the time, stress, and effort I have invested? I have heard that a commonly recommended rate is around 3%.
With regards to the situation described above, the AI Legalese Decoder can be of great assistance. It can provide an in-depth understanding of the legalities surrounding financial power of attorney, the authority it grants, and its implications in real estate transactions. The decoder can clarify any concerns regarding the potential changes in circumstances if the grantor of the power of attorney becomes unfit during the process. Furthermore, the AI Legalese Decoder can analyze the entitlement to a portion of the real estate sale proceeds, considering factors such as time, stress, and work put into managing the transaction. This tool can save time, reduce misconceptions, and ensure that you are well-informed before meeting with your lawyer.
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Introduction:
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Conclusion:
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> With a “financial” power of attorney can I make arrangements to contact, sign and negotiations with a real estate agent and real estate lawyer on the sales of his real estate? Do I have the the authority to do this?
Yes, if your father gives you this authority. He need to give hte lawyer instructions to draft a POA, review it to make sure he agrees with it, then sign it. You should not be in the room when he meets with the lawyer.
> During the sale of his real estate if he slips in a state deemed mentally or medically unfit to does anything change regarding the financial power of attorney I would have?
That depends. By default, the POA dies when he loses capacity. But, he can give instructions that changes this (it can be a “continuing” POA)
> Am I entitled to a share of the real estate sale proceeds!
if your father agrees to it. By default, you aren’t entitled to anything for acting as POA. He can give you a gift if he wants to. He can also agree to pay you a fee (this should be set out in advance, in writing)
Unless the power of attorney expressly excludes compensation, in Ontario an attorney for property is generally entitled to compensation at the following rates: 3% of income and capital receipts. 3% of income and capital disbursements. 0.6% per year of assets under management.