Special or Limited Power of Attorney for Real Estate Purchase Transaction by Purchaser New York Form
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People also ask
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Does New York require an attorney for real estate transactions?
If you are selling a home in New York state, you will need to hire not only a real estate agent to market and negotiate offers on the property, but also an attorney to prepare the contract of sale and to represent you at the closing.
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Can an attorney represent both parties in a real estate transaction in NY?
In New York, it is generally not advisable for the same attorney to represent both the buyer and the seller in a residential real estate transaction. Dual representation can lead to a conflict of interest, making it challenging to serve the best interests of both parties.
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What is a power of attorney for real estate in NY?
A New York real estate power of attorney form serves as proof of a principal property owner's intent to grant an agent authority over a parcel of land. This paperwork can also delegate an agent the power to purchase real property on behalf of the principal.
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What is a limited power of attorney in NY?
A New York limited power of attorney enables an individual to elect an agent to act in their place for the specific purposes listed in the document. The POA describes both the duration and the type of power granted (banking transaction, real estate sale, etc.).
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