The New York real estate power of attorney form is a contract that legally appoints an agent to act on behalf of the principal in certain real estate decisions. Using this document, the principal may assign the authority to sell, purchase, and manage property to their agent. Most commonly used for real estate closings, this power of attorney can also be applied when assigning a property manager to take care of a rental property and its tenants or to authorize an individual to make real estate deals to profit the principal. If no termination date is specified in the document, the term of the contract will expire with the incapacity or death of the principal.
Laws – § 5-1502A
Signing Requirements – Notary Public (§ 5-1501B, § 298)
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