Regarding a Real Estate transaction...Seller is insisting on receiving Buyer deposit from escrow agent upon expiration of the due diligence period when it becomes non-refundable. To protect Buyer, can the escrow agent be granted power of attorney so that he/she can act on Seller's behalf to close the transaction?
If the buyer wants to close, then it is not clear why the seller would be entitled to get the deposit before closing. That deposit will be a credit to the buyer on the closing statement. Unless the contract provides otherwise (which I have never heard of, though I guess it is possible) the deposit is not transferred to the seller before closing.
And if the buyer wants to close, whether the seller acts on his own behalf or someone else (including the escrow agent) acts for him using a power of attorney is a title question (capacity, authority and so on) that the closing agent will decide. The buyer absolutely should get title insurance. And the buyer should have a real estate attorney to review it all. All title insurance policies are not equal.
This answer is provided for informational purposes only, does not constitute legal advice, and does not create an attorney-client relationship. Actual legal advice can only be provided after completing a comprehensive consultation in which all of the relevant facts are discussed and reviewed.
Our Rating is calculated using information the lawyer has included on their profile in addition to the information we collect from state bar associations and other organizations that license legal professionals. Attorneys who claim their profiles and provide Avvo with more information tend to have a higher rating than those who do not.What determines Avvo Rating?Experience & background
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline