A Power of Attorney gives an individual the power to allow another individual to act on his or her behalf in the transfer of real property. A Power of Attorney may be additionally granted to allow another to obtain financing in his or her behalf and is recorded in the county registry. Real Property Purchases are the manner in which a seller transfers real property to a buyer pursuant to the provisions of the offer to purchase and contract. Realtors are often involved with purchase transactions, although our office has participated in numerous closings involving properties advertised and sold by the seller without the help of the realtors. The buyer typically selects the closing attorney to aid in the purchase of the property.
Property is transferred by a warranty deed.
A buyer may either purchase property in the form of a cash sale or by obtaining a loan from a mortgage broker or lender. This loan would be documented by the recorded deed of trust. Refinancing Real Property Refinances are transactions in which the current owner of a property reapplies for a new loan from a mortgage broker, or a lending institution. Following the typical refinance, a 3 day waiting period must expire before the funds are dispersed. This 3 day period is a cancellation period in which the borrower may choose to cancel the loan even after all of the documents are signed.