 | Virginia Purchase Loans ONLY Power of Attorney Form |
The Virginia purchase loans ONLY power of attorney form is a legal document that is designed to allow a lender to act as an attorney-in-fact or agent under a power of attorney and to sign a security note, as long as the lender obtains a copy of the applicable power of attorney. In jurisdictions where a power of attorney is used for a signature on a security document, it must be recorded with the security instrument document the lender must ensure that a record has been filed and effected.
The name(s) on the power of attorney, must identify as the same name(s) of the person(s) on the affected loan document. As well, the power of attorney must be dated as of the date of execution of the document. The power of attorney must be acknowledged as valid by a licensed notary and, unless otherwise required by applicable law, will be required to reference the address of the property. If applicable law requires an original power of attorney for the purpose of foreclosure or enforcement, an original must be forwarded to the custodian of the document
How to Write
Step 1 – The Parties – Enter the following:
- The name(s) of the Principal(s)
- AND
- Name of the Attorney In Fact/Agent
- Read the remainder of the section
- Provide the Address of the real property
- Purchase price
- Loan amount
Step 2 – Authority to be Exercised – Review the section and submit:
- The address where the transaction shall be executed
- The date of the execution of the document in mm/dd/yyyy format
- The latest date of execution of the document in mm/dd/yyyy format
- Read the entire declaration
Step 3 – Signatures –
- Date signatures in dd./m/yy format
- Principal’s signatures to be sealed by official seal of a notary
- Notary shall then acknowledge the valid document by completing the remainder of the document
