Dad is 90 years old. He is doing well at the Memory Care unit. My brother and I would like to sell his house (4 hours away) this summer. We live in Michigan. As Fiduciaries we think the timing is right, one big reason is because insurance does not want to insure an empty house. We hear that dad, even with his dementia has to sign the papers at closing. Physically that is probably impossible considering his dementia and congestive heart failure. Because the house is insured until the end of June we feel the clock ticking. Any suggestions?
If it hasn't been established that your father is legally incompetent, then yes you will need his signature I'd have thought. Why should that be a physical impossibility? The ideal would be for one or both of you to take the papers to your father, explain them to him, and assist him with reading and signing the relevant sections.
If it's not so much a physical impossibility as a painful discussion that you were hoping to avoid, then you will need to find out from whoever handled your POA what you have to do to establish your father's incompetence - assuming he is incompetent - and therefore your right to act on his behalf independently of him. The requirements vary; it shouldn't take long but with only four weeks in hand I wouldn't let the grass grow.
Has this in fact been discussed with your father at all, at any stage?
My POA reads that I can buy and sell. I have had no problem with the Realtor excepting this. But thats my state. A good Realtor should know what the State excepts. It may be you just need a lawyer to confirm that the POA is in effect and maybe a Dr claiming incompetence.
I would ask a title agent or realtor if they know what usually gets done in these situations.
I sold a piece of property for my dad and the state of Nevada would not honor my AZ DPOA, they required a specific POA to do this transaction. It took months to finish because we had to have a good day that he could understand what he was signing.
I do understand why the laws are such, to many people exploiting vulnerable seniors, but sheesh, couldn't they have a solution in place when dealing with someone that is not able to comprehend any longer.
The good and bad of protecting our elders.
Let us know how you eventually get it sorted out.
Regarding the insurance, I would check with other companies that sell insurance. We insured an empty industrial building and it cost a bunch of extra money for all the additional coverage. It was difficult to find a company that was willing to insure, but they're out there.
When I explained the situation to them, the said I could get their physician to fill out the same form that the Social Security admin requires.....it basically is filled out by the doctor and states that they are no long capable of handling any financial dealing. Notarized... of course.
this, along with the copy of my POA from the county clerks office...with the seal of the county clerk attesting to being a valid copy from the clerk. Since I didn’t file this POA with the county clerk..I had to go do that first.