Owning your own place comes with huge benefits- for example you are no longer dependent on your landlord. This new role also comes with a lot of new responsibilities- for example setting money aside for any upcoming repairs or paying your own property taxes.
Now that you own your home, having a Will done and Power of Attorney is responsible thing to do.
Most of us heard about the Will and how important this documents is, but what about Power of Attorney? Unlike a Will, Power of Attorney is only valid while you are alive.
Did you know that in order to sell your home or refinance it, everyone on title will need to sign the documents? What would happen if one of you is not available or no longer can sign? Did you also know that spouses cannot sign on each other’s behalf simply because they are married? Privacy laws do not allow for that. The only way you can sign on each other’s behalf is with a document that is called Power of Attorney.
Think about it, when you bought a house, you had to buy house insurance. You will have to pay for that insurance year after year. Did you also buy Life insurance and Disability insurance just in a case you cannot make mortgage payments? Having Power of Attorney document prepared is almost like having an insurance, in a case life happens, but you are only paying for it once and it is good for a lifetime.
If you have more questions about Power of Attorney Document, please do not hesitate to contact me at 604-575-7494- Irina Bartnik.