My clients are residents of Canada who are on a work assignment out of the country. Due to work, it is very difficult for them to return to Ontario to have the Power of Attorney notarized in Ontario or to return to Ontario to execute the closing documents (a sale and a purchase).
Is it necessary for the Power of Attorney to be notarized? Can it still be effective if it’s:
a) not notarized, or
b) notarized by someone where they are working (in a US State)?
The Power of Attorney needs to be completed on Ontario Forms. They can be sent to the United States for execution. Two witnesses are required and the notarization can be completed there.
You have a “buy and sell”. That’s OK on the sell side, but if they need a mortgage on the buy side, the mortgagee needs to review and approve this in advance. So, let them know, and secure their consent well ahead of time. Otherwise, they might not fund the deal.
One of the ways people use to scam others and commit fraud is through the use of a Power of Attorney. When it is used using digital remote means, it makes life easier for the criminals. So, Banks don’t like it. At the very least go through the notarization process, that was “Fintracing” before there was Fintrac.
Brian Madigan LL.B., Broker