Q: Can I sell my mom's TX rental home having a NV Power of Attorney?
Rental home in San Antonio under mother's name who lives overseas. We are considering selling and I have a General Power of Attorney for her notarized in the state of NV. Can I sell the TX home without her having to come to the states? Can I or should I quit claim it to myself in preparation for a sale? Thank you.
A:
Your NV POA is good in every state in the US. If you have the time, have your mother sign a POA specific to the property you are trying to sell. Other than that, I don't see the need for a new POA. The real test is whether or not the Title Company is OK with the POA. If it is over a year old that might be a question or a problem for the Title Insurance underwriter.
In my practice, when there is a Power of Attorney more than a year old I make sure the Grantor ( your mother ), is alive and well by telephone or Zoom or other medium. It is always good to have a copy of mom's ID or Passport to make certain of her ID and willingness to confirm the POA.
Do not deed it to yourself at this point. This is the kind of closing where you should have an attorney manage the sale. Where are the proceeds going? To your account or to Mom's account or something else. As you probably know, any profit on the sale of the property is income and thus, taxable. This may require some more planning or business management. Good Luck!
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