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This entry was published on 2021-06-18
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Construction--real estate transactions
General Obligations (GOB) CHAPTER 24-A, ARTICLE 5, TITLE 15
§ 5-1502A. Construction--real estate transactions. In a statutory
short form power of attorney, the language conferring general authority
with respect to "real estate transactions," must be construed to mean
that the principal authorizes the agent:

1. To accept as a gift, or as security for a loan, to reject, to
demand, to buy, to lease, to receive, or otherwise to acquire either
ownership or possession of any estate or interest in land;

2. To sell, to exchange, to convey either with or without covenants,
to quit-claim, to release, to surrender, to mortgage, to incumber, to
partition or to consent to the partitioning, to create, modify or revoke
a trust to grant options concerning, to lease or to sublet, or otherwise
to dispose of, any estate or interest in land;

3. To release in whole or in part, to assign the whole or a part of,
to satisfy in whole or in part, and to enforce by action, proceeding or
otherwise, any mortgage, incumbrance, lien or other claim to land which
exists, or is claimed to exist, in favor of the principal;

4. To do any act of management or of conservation with respect to any
estate or interest in land owned, or claimed to be owned, by the
principal, including by way of illustration, but not of restriction,
power to insure against any casualty, liability or loss, to obtain or to
regain possession or to protect such estate or interest by action,
proceeding or otherwise, to pay, to compromise or to contest taxes or
assessments, to apply for refunds in connection therewith, to purchase
supplies, to hire assistance or labor and to make repairs or alterations
in the structures or lands;

5. To utilize in any way, to develop, to modify, to alter, to replace,
to remove, to erect or to install structures or other improvements upon
any land in which the principal has, or claims to have, any estate or

6. To demand, to receive, to obtain by action, proceeding or
otherwise, any money, or other thing of value to which the principal is,
or may become, or may claim to be entitled as the proceeds of an
interest in land or of one or more of the transactions enumerated in
this section, to conserve, to invest, to disburse or to utilize anything
so received for purposes enumerated in this section, and to reimburse
the agent for any expenditures properly made by him in the execution of
the powers conferred on him by the statutory short form power of

7. To participate in any reorganization with respect to real property
and to receive and to hold any shares of stock or instrument of similar
character received in accordance with such plan of reorganization, and
to act with respect thereto, including by way of illustration, but not
of restriction, power to sell or otherwise to dispose of such shares, or
any of them, to exercise or to sell any option, conversion or similar
right with respect thereto, and to vote thereon in person or by the
granting of a proxy;

8. To agree and to contract, in any manner, and with any person and on
any terms, which the agent may select, for the accomplishment of any of
the purposes enumerated in this section, and to perform, to rescind, to
reform, to release or to modify any such agreement or contract or any
other similar agreement or contract made by or on behalf of the

9. To execute, to acknowledge, to seal and to deliver any deed,
creation, modification or revocation of a trust, mortgage, lease,
notice, check or other instrument which the agent may think useful for
the accomplishment of any of the purposes enumerated in this section;

10. To prosecute, to defend, to submit to alternative dispute
resolution, to settle, and to propose or to accept a compromise with
respect to, any claim existing in favor of, or against, the principal
based on or involving any real estate transaction or to intervene in any
action or proceeding relating thereto;

11. To hire, to discharge, and to compensate any attorney, accountant,
expert witness or other assistant or assistants when the agent shall
think such action to be desirable for the proper execution by him of any
of the powers described in this section, and for the keeping of needed
records thereof; and

12. In general, and in addition to all the specific acts in this
section enumerated, to do any other act or acts, which the principal can
do through an agent, with respect to any estate or interest in land.

All powers described in this section 5-1502A of the general
obligations law shall be exercisable equally with respect to any estate
or interest in land owned by the principal at the giving of the power of
attorney or thereafter acquired, and whether located in the state of New
York or elsewhere.