New York Power of Attorney for Real Estate

A power of attorney for real estate is a simple legal document that allows you to give someone the authority to buy or sell real estate for you, or to conduct any other business involving real estate that you own. Use this form written especially for New Yorkers if:

  • you will be out of town or otherwise unavailable when important real-estate documents need to be signed
  • you will not be available to look after your real estate for a period of time
  • you live far away from property that you own and you want someone else to manage it in your absence

Recording requested by and
when recorded mail to:


 

                                                           

CAUTION TO THE PRINCIPAL: 

Your Power of Attorney is an important document.  As the "principal," you give the person whom you choose (your "agent") authority to spend your money and sell or dispose of your property during your lifetime without telling you. You do not lose your authority to act even though you have given your agent similar authority. 

When your agent exercises this authority, he or she must act according to any instructions you have provided or, where there are no specific instructions, in your best interest.  "Important Information for the Agent" at the end of this document describes your agent's responsibilities.

Your agent can act on your behalf only after signing the Power of Attorney before a notary public.

You can request information from your agent at any time.  If you are revoking a prior Power of Attorney, you should provide written notice of the revocation to your prior agent(s) and to any third parties who may have acted upon it, including the financial institutions where your accounts are located.

You can revoke or terminate your Power of Attorney at any time for any reason as long as you are of sound mind.  If you are no longer of sound mind, a court can remove an agent for acting improperly.

Your agent cannot make health care decisions for you.  You may execute a "Health Care Proxy" to do this.

The law governing Powers of Attorney is contained in the New York General Obligations Law, Article 5, Title 15.  This law is available at a law library, or online through the New York State Senate or Assembly websites, www.senate.state.ny.us or www.assembly.state.ny.us.

If there is anything about this document that you do not understand, you should ask a lawyer of your own choosing to explain it to you.

Grant of Authority

I, , of , appoint , of , to act in my place with respect to the real property described as follows: .

My agent may act for me in any manner to deal with all or any part of any interest in the real property described in this document, under such terms, conditions, and covenants as my agent deems proper. My agent's powers include but are not limited to the power to:

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option #1

Accept as a gift or as security for a loan, reject, demand, buy, lease, receive, or otherwise acquire ownership or possession of any estate or interest in real property.

option #2

Sell, exchange, convey with or without covenants, quitclaim, release, surrender, mortgage, encumber, partition or consent to the partitioning of, grant options concerning, lease, sublet, or otherwise dispose of any interest in the real property described in this document.

option #3

Maintain, repair, improve, insure, rent, lease, and pay or contest taxes or assessments on any estate or interest in the real property described in this document.

option #4

Prosecute, defend, intervene in, submit to arbitration, settle, and propose or accept a compromise with respect to any claim in favor of or against me based on or involving the real property described in this document.

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However, my agent shall not have the power to: 

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I further grant to my agent full authority to act in any manner both proper and necessary to the exercise of the foregoing powers, including , and I ratify every act that my agent may lawfully perform in exercising those powers.

Effective Date and Term

This power of attorney takes effect on , and shall continue until terminated in writing, or until , whichever comes first. In the event of my incapacity or death, this power of attorney shall terminate immediately.

I agree that any third party who receives a copy of this document may act under it.

Keep Together

Revocation of the power of attorney is not effective as to a third party until the third party has actual knowledge of the revocation. I agree to indemnify the third party for any claims that arise against the third party because of reliance on this power of attorney.

Principal's Signature

Signed this ____________ day of ___________________________________.

State of New York, County of __________________________.

__________________________________  
Signature                                                        

Keep Together

Certificate of Acknowledgment of Notary Public

State of New York                                                             )

                                                                                    )           ss.

County of _____________________________                )


On the _____ day of ___________, 20__, before me, the undersigned, personally appeared ____________________, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.


Notary Public: ___________________________________

 

IMPORTANT INFORMATION FOR THE AGENT:

When you accept the authority granted under this Power of Attorney, a special legal relationship is created between you and the principal. This relationship imposes on you legal responsibilities that continue until you resign or the Power of Attorney is terminated or revoked. You must:

  1. act according to any instructions from the principal, or, where there are no instructions, in the principal's best interest;
  2. avoid conflicts that would impair your ability to act in the principal's best interest;
  3. keep the principal's property separate and distinct from any assets you own or control, unless otherwise permitted by law;
  4. keep a record of all receipts, payments, and transactions conducted for the principal; and
  5. disclose your identity as an agent whenever you act for the principal by writing or printing the principal's name and signing your own name as "agent" in either of the following manners: (Principal's Name) by (Your Signature) as Agent, or (your signature) as Agent for (Principal's Name).

You may not use the principal's assets to benefit yourself or anyone else or make gifts to yourself or anyone else unless the principal has specifically granted you that authority in this document, which is either a Statutory Gifts Rider attached to a Statutory Short Form Power of Attorney or a Non-Statutory Power of Attorney. If you have that authority, you must act according to any instructions of the principal or, where there are no such instructions, in the principal's best interest.

You may resign by giving written notice to the principal and to any co-agent, successor agent, monitor if one has been named in this document, or the principal's guardian if one has been appointed. If there is anything about this document or your responsibilities that you do not understand, you should seek legal advice.

Liability of agent: The meaning of the authority given to you is defined in New York's General Obligations Law, Article 5, Title 15. If it is found that you have violated the law or acted outside the authority granted to you in the Power of Attorney, you may be liable under the law for your violation.

Keep Together
Agent's Signature and Acknowledgement of Appointment:  

It is not required that the principal and the agent sign at the same time, nor that multiple agents sign at the same time.

I, , have read the foregoing Power of Attorney. I am the person identified therein as agent for the principal named therein.

I acknowledge my legal responsibilities.

Agent sign here: _____________________________________

Keep Together

Certificate of Acknowledgment of Notary Public

State of New York                                                              )

                                                                                    )           ss

County of _____________________________                )
 

On the _____ day of ___________, 20__, before me, the undersigned, personally appeared ____________________, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.


Notary Public: ___________________________________

 

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