POA

Powers of Attorney

You must verify that a power of attorney complies with state law and the Company’s guidelines. For instance, the Company generally requires that the power of attorney specifically apply to the proposed transaction, that you verify that the principal is alive, competent, and has not revoked the power of attorney, and that the power of attorney be recorded. You must determine that the power of attorney is not forged. You must secure an affidavit from the agent stating that the principal is alive and competent and that the power of attorney has not been revoked.

Requirement

POAR01 STG

Satisfactory Power of Attorney

If the proposed transaction is based upon a power of attorney, the power of attorney, deed, and affidavit of attorney in fact must be furnished for review and must be recorded. The Company must be furnished acceptable proof that the power is in effect and is exercised while the principal is alive, that the power remains in effect and that the power of attorney has not been revoked at the time of execution, delivery and recording of the deed. At that time, the Company may make additional requirements or exceptions.
Comment: You must verify that a power of attorney complies with state law and the Company’s guidelines. For instance, the Company generally requires that the power of attorney specifically apply to the proposed transactions, that you verify that the principal is alive, competent, and has not revoked the power of attorney, and that the power of attorney be recorded. You must determine that the power of attorney is not forged. You should secure an affidavit from the agent stating that the principal is alive and competent and that the power of attorney has not been revoked.

POAR02 STG

Records Show that the Transaction was Executed

By the instrument recorded ________________, _________________________ (“Agent”), as an attorney-in-fact for ________________________(“Principal”), conveyed the land to __________________________ but the public records do not show the source of authority of the Agent. The Company requires for its review and recordation:
1. A satisfactory power of attorney.
2. An affidavit duly executed by Principal or by another knowledgeable person stating that, at the time of the execution of said instrument, the Principal was competent and not incapacitated, that the power of attorney had not been revoked, and that it was in full legal effect.
Comment: You should use this requirement if an agent acted for the owner but no power of attorney has been recorded or reviewed.

See Underwriting Manual

POAR03 STG

Power of Attorney did not Authorize the Transac

By the instrument recorded _____________________ (“Agent”), as attorney-in-fact for _______________________________________, (“Principal”) conveyed the land to _____________________, but the power of attorney did not authorize the Agent to execute the conveyance.
The Company requires for its review and recordation a satisfactory deed of the land, duly executed by ___________________ to ___________________ that must be filed for record.
Comment: You should use this requirement if an agent acted for the owner but the power of attorney did not authorize the action.

See Underwriting Manual

POAR04 STG

Power must be reviewed in advance

Any power of attorney to be used at closing should be submitted to the Company for review in advance of closing. Additional requirements and exceptions may be raised.

POAR05 STG

Recording requirement

If not already recorded, the original power of attorney must be submitted for recording at closing.

POAR06 STG

Power in full force and effect

Proof is required at closing that the power of attorney remains in full force and effect, that the principal is alive, has not revoked the power, and is under no legal incapacity. If the power contains a provision in which it survives a disability, and the principal is incapacitated, proof of such disability by affidavit of the principal’s attending physician as to the nature and extent of the disability shall be required, in addition to proof that the principal is alive and did not revoke the power. The physician’s statement must provide that the principal was of sound mind at the time the power was executed. If that is not possible, proceedings should be taken under Article 81 of the Mental Hygiene Law.

POAR07 STG

Where instrument has been executed by attorney

Proof is required to show that the power of attorney given by __(name)__ to __(name of attorney-in-fact)__ dated __/__/__, recorded __/__/__ in (Liber , R.L., Reel) _____, page ______, has not been revoked and that the donor of the power was alive and competent at the time of the execution and delivery of the deed made by the attorney-in-fact to __(name)__, dated __/__/__, recorded __/__/__ in (L., R.L., Reel) _____ (C)p ____.

POAR08 STG

Proof as to consideration in deed executed by a

Deed dated __/__/__, recorded __/__/__ in (Liber, R.L., Reel) ______, (C)p _______, is made by __(name)__ through __(name)__, acting as attorney-in-fact, to __(name)__, grantee. Said deed recites a nominal consideration. Proof is required to show the actual consideration paid for said conveyance.

POAR09 STG

Where instrument to be executed under unrecorde

Proof is required to show that the power of attorney given by __(name)__ to __(name of attorney-in-fact)__ dated __/__/__, has not been revoked and that the donor of the power is alive and competent at the time of the execution and delivery of the deed by the attorney-in-fact thereunder. The deed must state the full consideration and the power of attorney must be recorded simultaneously with the deed.

POAR10 STG

Where instrument to be executed under recorded

If power of attorney made by __(name)__ to __(name)__, attorney-in-fact, dated __/__/__, recorded __/__/__ in (Liber, Record Liber, Reel) ______, page ______, is to be used, proof is required to show that said power of attorney has not been revoked and that the donor of the power is alive and competent at the time of the execution and delivery of the deed by the attorney-in-fact thereunder. The deed must state the full consideration.

POAR13 STG

Where recorded power of attorney is insufficien

The power of attorney made by __(name)__ to __(name)__, attorney-in-fact, dated __/__/__, recorded __/__/__ in (Liber, Record Liber, Reel) ______, page ______, is not sufficient to empower the attorney-in-fact to convey (lease or mortgage) the premises herein. The instruments to be delivered on closing must therefore be executed and delivered by the principal, or a sufficient power of attorney executed and recorded.