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Section 3
MBE/WBE

 

 

  Real Estate Professionals

 

Information on Partnering with MHDC

 

> Power of Attorney

 

 

Power of Attorney For the Execution of MHDC Documents

 

A. The sellerís affidavit, when executed by an Attorney-in-fact, must adhere to the following guidelines:

 

(1) first, require that the principal (i.e., the actual seller) execute the sellerís affidavit,

 

OR

 

(2) if, for good cause shown, (1) cannot be accomplished, then require that the Power of Attorney be amended to include a specific reference to the execution of the Sellerís Affidavit (or in the alternative, general language which would clearly cover the execution of documents similar to the Sellerís Affidavit). The following language, if added to the power of attorney, would clearly cover the execution by the Attorney-in-fact of the Sellerís Affidavit:

 

ďThe powers of attorney(s)-in-fact appointed by virtue of this Power of Attorney shall include, but not be limited to, the execution on behalf of the grantor of this Power of Attorney, of that certain ďSellerís AffidavitĒ for the benefit of the Missouri Housing Development Commission which includes certain warranties of the Grantor as set out in such Affidavit, which Affidavit is required to be executed by such Grantor in connection with the sale of certain real properties owned by the Grantor.Ē

 

B. Our bond counsel has advised that, due to the warranties in the Sellerís Affidavit, a Power-of-Attorney must be approved by MHDC prior to loan closing. MHDC requests that all prior approvals allow at least 48 hours for review.

 

C. If the Power of Attorney does not contain the specific wording as stated in (2) above, MHDC may accept a General Power of Attorney wherein MHDC requires a signed statement from an attending physician on his or her letterhead (including phone number and address) stating, as a medical opinion, that the named seller is incompetent to manage his or her affairs.

 

Use of a Power of Attorney for a buyer
is NOT acceptable under any circumstances.

 

 

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