Power of Attorney For
the Execution of MHDC Documents
A. The seller’s
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 seller’s
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 Seller’s Affidavit (or in the alternative, general language which
would clearly cover the execution of documents similar to the Seller’s
Affidavit). The following language, if added to the power of attorney,
would clearly cover the execution by the Attorney-in-fact of the
Seller’s Affidavit:
“The 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 “Seller’s Affidavit” 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.”
B. Our bond
counsel has advised that, due to the warranties in the Seller’s
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.