The New York Real Estate Power of Attorney produces a legal covenant to carry out the assignment of an individual to acquire rights of agency in connection to stipulated real estate holdings. The paperwork allows a property owner to nominate an attorney-in-fact to speak and act on their behalf for one or multiple pieces of real estate. Depending on how the principal party drafts the form, the issuance of powers related to the managing, selling, buying, or refinancing of a property can be attained for a specified period.
Definition – § 5-1502A
Signing Requirements – Executed acknowledgment must be performed with the assistance of a licensed notary to verify the capacity and recorded signatures of all participants. Real estate transactions will additionally allow for the acknowledgment to be received by an official title examiner, official referee, or supreme court justice (§ 5-1501B and § 9-298).
Revocation – § 5-1511
eForms Version
Durable (Financial) Power of Attorney
