Power of Attorney
PLEASE NOTE: WHEN USING POWER OF ATTORNEY FOR BUYING OR REFINANCING:
Be aware that if a Power of Attorney is being used for a purchase with a mortgage OR mortgage refinance, the mortgage lender must PRE-APPROVE the use of the Power of Attorney or the lender might refuse to provide mortgage funds on the closing date. Mortgage lenders will usually approve the use of a Power of Attorney when the borrower is an existing customer of the lending bank AND an Ontario lawyer has witnessed the Power of Attorney being used. ALSO the mortgage lender will require a legible copy of an unexpired form of identification, as well a second piece of identification to be sent to the lawyer prior to closing.
PLEASE NOTE: WHEN USING POWER OF ATTORNEY FOR SELLING OR REFINANCING:
Net sale proceeds will ONLY be payable to the registered owner(s) and NOT to the name of the person who has the Power of Attorney.
POWER OF ATTORNEY FOR PROPERTY: This type of Power of Attorney appoints a person(s) of your choosing to make decisions about your PROPERTY AND FINANCES on your behalf. This may include tasks such as signing documents, paying bills, selling or refinancing your real property. But remember, your property will still belong to you, and must be managed by your attorney in your best interests and in accordance with the law. The individual selected must be 18 years of age or older.
POWER OF ATTORNEY FOR PERSONAL CARE: In Ontario, The Substitute Decisions Act of Ontario allows you to appoint a trusted individual(s) (over 16 years of age), to make decisions for you if you were to become mentally incapable. This type of Power of Attorney gives a person of your choice the authority to make decisions about your PERSONAL CARE. Decisions about personal care may include where you live, what you eat and the kind of medical treatment you receive. You may give your attorney special instructions about the type of care you do (or do NOT) want. Sometimes this Power of Attorney is referred to as a Living Will.
WARNING: Giving any Power of Attorney is a serious matter. You are giving you appointed attorney significant power over your property, wealth and/or health care. There is always a risk that your attorney could misuse this power. If you have any doubts about the motives or ability of the person you are considering (OR you are under pressure from your proposed attorney) DO NOT appoint this person. It is your decision and you must weigh it very carefully. In each case, you may appoint more than one attorney, so that both may be required to sign for you.
EFFECTIVE DATE: The Power of Attorney will be effective immediately when it is signed and given to the attorney, UNLESS, you decide and specifically state in the Power of Attorney that you wish for it to come into effect at a later date or under specific circumstances.
If you have never used a Power of Attorney before but require one to complete your real estate transaction (for example, you will be out of town at the time of closing), our offices will arrange an appointment for you to come in to sign your documents at your convenience. You will need to provide one piece of valid photo identification for the appointment (as well as a second piece of identification if you are buying).
If you have previously used a Power of Attorney that was done by another office, please refer to the following instructions:
You MUST provide our office with an original copy of the Power of Attorney, along with the contact information of the Lawyer who originally signed and witnessed the document. Such Power of Attorney is unacceptable IF none of the witnesses was a lawyer, and will have to be redone.
Please be advised that while Power of Attorney does not expire, it does get “stale”. We may recommend that you sign a new Power of Attorney document to reflect current circumstances and protect your interests.
If you are living outside of Toronto, but require Power of Attorney to complete your real estate transaction, please refer to the following instructions:
I) You MUST fill in the appropriate POWER OF ATTORNEY FORM, and have it signed and dated by two witnesses, one of them being a lawyer, attorney, notary public or government official. An official stamp or seal must be beside the signature of the witness to verify the signature.
II) You MUST complete the IDENTIFY VERIFICATION FORM, and have it signed by a lawyer, attorney, notary public or government official, with an official stamp or seal to verify the identification of whoever is signing as a witness on the Power of Attorney.
III) You MUST complete and sign the POWER OF ATTORNEY COVER LETTER reflecting the current date and providing your consent to your selected attorney to sign your closing documents on your behalf. Make sure to include your current residential address and your contact information.
IV) You MUST send a legible copy of your UNEXPIRED photo identification, such as a passport or driver’s license (Health cards are NOT valid photo IDs). If buying, a second piece of ID is required.
V) You MUST send a copy of the three appropriately completed and signed documents and your photo ID to our office immediately by fax or email (Please see Contact Us for further details).