2006 New York Code - Construction--real Estate Transactions.

 
    § 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 revoke, create or modify
  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
  interest;
    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
  attorney;
    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
  principal;
    9. To execute, to acknowledge,  to  seal  and  to  deliver  any  deed,
  revocation,  declaration  or  modification  of  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 arbitration, 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.