Power of Attorney

Definition

A power of attorney (POA) is a written instrument that grants one person (the attorney-in-fact or agent) the authority to act on behalf of another person (the principal). In real estate, a POA may be used to authorize someone to sign documents, close on a property, or manage real estate on behalf of the principal. A general POA grants broad authority; a specific POA limits authority to a particular transaction. In New York, a POA must comply with the General Obligations Law and is typically notarized. A POA terminates upon the death or incapacity of the principal (unless it is a durable POA, which survives incapacity).