Updated on October 6th, 2022
A New York real estate power of attorney is a form in which an individual known as a “principal” designates an agent to conduct real estate transactions on their behalf. The power of attorney authorizes the agent to execute, modify, and deliver documents such as lease agreements, property disclosures, and eviction notices. The agent may also be responsible for attending a closing date and transferring the funds necessary to finalize a purchase or sale. Before an agent can sign a contract for the sale, purchase, or exchange of real property, the principal must first record the power of attorney at the County Clerk’s Office where the property is located.
Statute – GOB § 5-1502A
New York General Power of Attorney – Authorizes an agent to conduct financial transactions on the principal’s behalf.