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power of attorney!

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gdguysteven | 00:57 Wed 12th Sep 2007 | Law
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I am one of five relatives that owns a valuable piece of property located in america...we each own approximately 20% of the property, that was a tenacy in common type of ownership before. But we have all agreed to choose one to be the so-called agent as our power of attorney....so that it will be a bit easier to sell with one representing the deed of the house, than five totally, when it comes time to sell it. Here is my main question...is it possible for the agent...the one in charge of being the power of attorney to take out a loan against the property without the knowledge of the other four? what sort of search can be done on the property firsthand to really find out this information if any type of loan has been made out against this property, without our consent? this worry me because now I find out from the agent of our power of attorney is in huge debt with creditor from his business. Even though he is power of attorney would not he still need all our signatures to take out a loan on this property? Please, I would appreciate all your answers.

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