There are two big moments to celebrate when it comes to real estate for most people in Ohio, who have the goal of owning their own homes or the location of their businesses. The first is when they close a sale as the buyer, and the second is when they close a sale as the seller. This happens even more often when property speculators buy and sell properties in quick succession.
The Kentucky legislature's passage of comprehensive new power of attorney legislation in 2018 added protections as well as responsibilities for third parties. These help to protect lenders, real estate sellers or buyers, or other entities doing business with agents appointed under powers of attorney. A nonagent third party may question the validity of the appointment, scope of power granted or meaning of some other aspect of the appointing document.
Today we continue our discussion of Kentucky's recent adoption of provisions of the Uniform Power of Attorney Act. In this Part 2, we will talk about the duties of an agent who has accepted appointment.
On July 14, 2018, Kentucky's new Power of Attorney law took effect. The series of new statutes in Chapter 457 are based on the Uniform Power of Attorney Act as drafted by the Uniform Law Commission. The ULA is a group of lawyers that crafts generic laws that an individual state may enact as its own, often with legislative modifications to meet the unique needs of that jurisdiction.