New York Real Estate Lawyer Blog
As reported last year around this time, New York State revised its Power of Attorney Laws.
A Power of Attorney is a very powerful legal document which grants legal authority or “power” to another person to act on your behalf in a legal or business matter. The person authorizing an individual with power of attorney is known as the principal. The person being equipped with the power is known as the agent.
Retroactive to September 1st, 2009, the New York legislature has amended the law and the appropriate forms to address several concerns raised by various attorneys and trade associations. These revisions relax the 2009 law, including:
Requiring that both agent and principal sign the Statutory Short Form Power of Attorney before a notary;
Explicitly stating that the Statutory Major Gifts Rider is not required to execute a gift valued more than $500 if it involves real property to be used for good and valuable consideration. Generally, gifts conveyed by agents must be valued $500 or less. Beyond $500, principals must authorize the agent to do so by executing a “Statutory Major Gifts Rider”; and
Allowing principals to appoint a person to monitor its agent. More importantly, a monitor may then require agents to produce records such as receipts.
Rules regarding Power of Attorney is in the New York General Obligations Law, Article 5, Title 15.
You should hire a New York State attorney to assist you with these forms which are more complex than you think.