We are future Tenants looking at a duplex we want to rent and the lease states:
"Tenant agrees to hereby irrevocably grants Landlord power of Attorney for Tenant for the sole purpose of executing and delivering in the name of the Tenant and document(s) related to the Landlord's right to subject the premises to a mortgage or other lien."
This is stated under Landlord's Right to Mortgage in the lease. The idea of giving someone Power of Attorney for any reason makes me anxious. We were assured by the real estate broker that this is in a standard lease agreement and we should not be worried about it. I've never seen it personally and have rented for years. Should i be concerned? What rights does this give my Landlord? Can he take out a mortgage in our names or anything like that? Also, since we will be renting, does there need to be a date attached to this or is it restricted to the length of the lease? Please help!!! Love the place but i dont want to take a chance not knowing why we are giving him power of attorney. I dont understand why he would even need it.
Thanks so much!!
"Tenant agrees to hereby irrevocably grants Landlord power of Attorney for Tenant for the sole purpose of executing and delivering in the name of the Tenant and document(s) related to the Landlord's right to subject the premises to a mortgage or other lien."
This is stated under Landlord's Right to Mortgage in the lease. The idea of giving someone Power of Attorney for any reason makes me anxious. We were assured by the real estate broker that this is in a standard lease agreement and we should not be worried about it. I've never seen it personally and have rented for years. Should i be concerned? What rights does this give my Landlord? Can he take out a mortgage in our names or anything like that? Also, since we will be renting, does there need to be a date attached to this or is it restricted to the length of the lease? Please help!!! Love the place but i dont want to take a chance not knowing why we are giving him power of attorney. I dont understand why he would even need it.
Thanks so much!!
