Limited Power of Attorney for resale closing

Hello -

I purchased a contract for deeded property resale on eBay and am being asked to signed a Limited Power of Attorney.

It states that we would be granting the business I am purchasing from limited power of attorney to facilitate documents on behalf of all of the closing documentation required to be executed by the undersigned at closing.

I asked if we could put the specific property and they said no, it covers any contracts we might purchase for 90 days (I don't have plans to purchase any more).

Is this the norm (I haven't done so in the past, even with this same company)? Would you sign? Should I insist the property I am purchasing be included on the LPOA? What would make it good for only 90 days (if the document does not state as such)?

I've never notarized anything in the past.

I thought I'd seen a thread on this before but am unable to find it, appreciate your input.

Thanks!!!
Sandi

Sandi Bo said:

Hello -

I purchased a contract for deeded property resale on eBay and am being asked to signed a Limited Power of Attorney.

It states that we would be granting the business I am purchasing from limited power of attorney to facilitate documents on behalf of all of the closing documentation required to be executed by the undersigned at closing.

I asked if we could put the specific property and they said no, it covers any contracts we might purchase for 90 days (I don't have plans to purchase any more).

Is this the norm (I haven't done so in the past, even with this same company)? Would you sign? Should I insist the property I am purchasing be included on the LPOA? What would make it good for only 90 days (if the document does not state as such)?

I've never notarized anything in the past.

I thought I'd seen a thread on this before but am unable to find it, appreciate your input.

Thanks!!!
Sandi

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I have received a LPOA with a few timeshare purchases. It is optional.

The LPOA goes in the recycle bin, and the rest of the paperwork is completed and returned.

If something else with the purchase needs my signature, I want to know about it and do not mind the extra few days it would take to complete any additional paperwork.

So far, there has never been a need for additional paperwork.

My second resale contract used that limited POA through GreatWay. It recorded 11 days ago while my first resale contract is nowhere to be found as it isn't using the limited POA. I purchased the second contract three weeks after the first one.

Sumday had it their listing on eBay. I inquired about it during the auction & told them I seen no need for one with a Wyndham purchase. I also told Sumday I read Tugg all the time because I knew they monitor this site & don't want negative comments here. Sumday responded no problem no need for POA. I ended up not winning the auction. I personally would never sign . You would be stuck with whatever shows on your doorstep. Just another reason to stay informed here on TUGG

I signed it for my most recent transaction with Sumday/Greatway. There were no problems with the transfer. Although this was supposed to be a way to speed things up, it actually took longer for the deed to get to Wyndham than previous contracts that I bought from them.

CruiseGuy said:

I signed it for my most recent transaction with Sumday/Greatway. There were no problems with the transfer. Although this was supposed to be a way to speed things up, it actually took longer for the deed to get to Wyndham than previous contracts that I bought from them.

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It doesn't speed things up if you check your email & respond promptly. I would never let a timeshare closing co. sign anything on my behalf without my approval . You are only asking for problems you may not be able to get corrected.

I did sign one for a Harborside because it might be easier dealing with a foreign closing. I had 3 already in the works with sumday last year when they said I had to use the POA. I kind of ignored the request and was told they would complete it this time but in the future it would be required.

Thanks everyone for your comments, I really appreciate them. Since I asked for your thoughts, I'll wanted to let you know what we decided to do.

I also had my financial guy (who has access to lawyers if need be) to review the document. He was not concerned about us signing the TPOA and said it's fairly common in real estate transactions these days. Thus we are signing.

This is with Sumdays and my experience in the past has been good with them. They are very concerned about their reputation. I am comfortable dealing with them. They do allude to the fact we might need to sign this (in their eBay ad). I'm not happy about it. I don't think it's necessary and it's quite a bit of a hassle. There are several owners in several states so it's a pain coordinating.

They want to have it "just in case" there are issues with the closing and signatures are needed (more to reverse the sale than to execute it). Thus especially annoying to jump through hoops for something that very likely isn't necessary.

I'm don't think it will have any effect on how quickly the transfer happens. There are so many variables already, and I don't think having a document signed that they don't really need will have much bearing either way. We'll provide it so that it doesn't become any kind of issue as we progress.

Thanks all!

Another option for you. Have everyone sign the POA but you so you know what is being signed. I do remember some post on TUGG with some issues with Sumday & I'm not singling them out. There's been post of bait & switch from closing companies . Paperwork shows up with a different resort or points or even the wrong week on deed or misspelling on deed.

Braindead said:

Another option for you. Have everyone sign the POA but you so you know what is being signed. I do remember some post on TUGG with some issues with Sumday & I'm not singling them out. There's been post of bait & switch from closing companies . Paperwork shows up with a different resort or points or even the wrong week on deed or misspelling on deed.

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THAT right there is a valid concern. I read through the deed recording and it does not say Wyndham. It says "Bay Club of Sandestin" and Flex time unit week #16. When I call Wyndham the contract number that I was sent is still in the owner's names. I bought a converted week to points. Does that not show on the deed?

Even though we are signing the POA, there is another document that Sumday wants everyone to sign. Its one page stating "We accept transfer of ownership of the Bentley Brook Property under Contract# 123 entitling the owner the use of x number of points."

That's it, although it it asking for (notarized) signature, dob, ssn, phone, and email. They said they don't want to use the POA (that's for after closing if they have any issues). And they are saying Bentley Brook requires an SSN.

Uggg. This is way more of a pain than last time I purchased from Sumday (or anyone for that matter).

Company Response

Sandi Bo said:

Even though we are signing the POA, there is another document that Sumday wants everyone to sign. Its one page stating "We accept transfer of ownership of the Bentley Brook Property under Contract# 123 entitling the owner the use of x number of points."

That's it, although it it asking for (notarized) signature, dob, ssn, phone, and email. They said they don't want to use the POA (that's for after closing if they have any issues). And they are saying Bentley Brook requires an SSN.

Uggg. This is way more of a pain than last time I purchased from Sumday (or anyone for that matter).

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The document that you are referring to that describes the contract and ownership is not only a requirement of Sumday Vacations, it is a document that is required by Wyndham because the Wyndham Bentley Brook timeshare is not a deeded timeshare. In order to transfer, Wyndham must have a signed and notarized document from both the seller and buyer stating that the seller agrees to transfer to the buyer and the buyer agrees to accept the timeshare ownership. Once received by Wyndham, Wyndham Title Service's department will draft the Final Assignment and Assumption and send that document to you for your signature as well. This document must also be notarized. Once those documents have been signed and returned to Wyndham, Wyndham will be able to update their records to reflect you as the new owner. If you have any questions about this process, please feel free to call our office, we would be happy to go over any questions, you may have regarding the documents or process. I hope this answers your question.

Sandi Bo said:

Even though we are signing the POA, there is another document that Sumday wants everyone to sign. Its one page stating "We accept transfer of ownership of the Bentley Brook Property under Contract# 123 entitling the owner the use of x number of points."

That's it, although it it asking for (notarized) signature, dob, ssn, phone, and email. They said they don't want to use the POA (that's for after closing if they have any issues). And they are saying Bentley Brook requires an SSN.

Uggg. This is way more of a pain than last time I purchased from Sumday (or anyone for that matter).

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Sounds like the POA is pretty much worthless and added one more paper to sign. So much for making things faster and easier.