New York Special or Limited Power of Attorney for Real Estate Sales Transaction By Seller
What is this form?
The Special or Limited Power of Attorney for Real Estate Sales Transaction By Seller is a legal document that allows a seller to appoint someone else, known as an attorney-in-fact, to manage the sale of a specific piece of real estate. This form grants the attorney-in-fact the authority to execute necessary documents and make decisions on behalf of the seller during the transaction process, ensuring that all required legal actions can be carried out smoothly. Unlike a general power of attorney, this form focuses specifically on real estate sales and limits the scope of authority to that transaction.
Form components explained
- Identification of the principal (seller) and the attorney-in-fact.
- Specific property details including address and description.
- Granting authority to execute essential documents, such as deeds and contracts.
- Provision for collecting proceeds from the sale.
- Signature requirements and acknowledgment clauses for validation.
When to use this document
This form is useful when a seller cannot be present to complete the sale of a property, perhaps due to relocation, illness, or other commitments. It allows a trusted individual to handle the sale efficiently, sign necessary documents, and receive payments, thereby ensuring that the transaction proceeds without delays.
Who should use this form
- Property sellers who are unable to attend the closing of the sale in person.
- Anyone seeking to grant limited powers for a specific real estate transaction.
- Individuals who want to ensure their real estate transactions are handled by a trusted representative.
Completing this form step by step
- Identify yourself as the seller and provide your full name and address.
- Appoint an attorney-in-fact by stating their name and address.
- Clearly specify the property by providing its address and a brief description.
- Detail the powers you are granting, including executing necessary documents for the sale.
- Sign the document in the presence of a notary or witnesses as required by your state.
Notarization guidance
Notarization is required for this form to take effect. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session, available 24/7.
Avoid these common issues
- Failing to fully identify the property being sold.
- Not providing sufficient details about the attorney-in-fact.
- Neglecting to sign the document or obtain required notarization.
- Using the form without verifying state-specific requirements.
Why complete this form online
- Convenience of downloading and completing the form at your own pace.
- Template is created by licensed attorneys, ensuring legal validity.
- Easy to customize for your specific needs and circumstances.
- Immediate access to forms without the need for in-person consultations.
Form popularity
FAQ
The non-durable power of attorney is used only for a set period of time and usually for a particular transaction in which you grant your agent authority to act on your behalf. Once the transaction is completed, or should the principal become incapacitated during this time, the non-durable power of attorney ceases.
What's the difference between durable and general power of attorney? A general power of attorney ends the moment you become incapacitated.A durable power of attorney stays effective until the principle dies or until they act to revoke the power they've granted to their agent.
General Power of Attorney. Durable Power of Attorney. Special or Limited Power of Attorney. Springing Durable Power of Attorney.
Costs and Assistance Options A power of attorney can be created without legal assistance and almost free of charge. In fact, one can find a free POA form online and simply print it and fill it out. One can also have a POA created online for as little as $35.
Step 1: Bring Your Power of Attorney Agreement and ID. Step 2: Determine the Preferred Signature Format. Step 3: Sign as the Principal. Step 4: Sign Your Own Name. Step 5: Express Your Authority as Attorney-in-Fact. Step 6: File the Documentation Somewhere Safe.
The durable power of attorney is almost always required. This instrument gives another person specific powers to sign for an individual in a real estate transaction where the exact name and description of the property is stated in the document.
In New York, a Power of Attorney should be signed and dated by the principal with a sound mental capacity, and it is acknowledged in the same manner as a conveyance of real property, which means it has to be notarized (N.Y. General Obligations Law 5-1501B).
No. You're not required to hire a lawyer. However, because a Power of Attorney is such an important legal instrument, the careful consumer will consult a lawyer who can: provide legal and other advice about the powers that are appropriate to be delegated.
Is property sale through power of attorney legal? In 2011, the Supreme Court ruled that property sale through power of attorney (PoA) is illegal and only registered sale deeds provide any legal holding to property transactions.
