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Using Powers of Attorney to sign bank documents…

Annie was purchasing an apartment and borrowing money to finance the purchase.  She signed the Agreement for Sale and Purchase herself but was going overseas two weeks before settlement, so signed a Power of Attorney allowing her friend Jenny to sign the remaining required documents on her behalf.

What she didn’t realise was that her bank did not allow certain documents (in this case, a guarantee) to be signed under Power of Attorney at all.

She had to rush around overseas to find an internet café to print the documents, arrange for someone to witness her signature and send them back in time for settlement, which was extremely stressful.

It pays to check with your lawyer or bank as to what documents will be required to be signed when purchasing and financing a property if you are intending to rely on an attorney to sign documents for you.