Closings glossary
Power of attorney
Written authority for one person to act for another. New York requires the statutory short form for most real property transactions, with specific execution formalities.
Can I use a power of attorney to close on a house?
Quick Answer
The full definition
Written authority for one person to act for another. New York requires the statutory short form for most real property transactions, with specific execution formalities.
Also called: POA, Statutory short form power of attorney.
Which related terms should you know?
These are the terms that come up alongside power of attorney in the same file.
- Deed
- The instrument that conveys real property. Signature, acknowledgment and delivery make it effective between the parties, while recording is what protects it against later purchasers.
- Forgery
- A falsified signature or instrument in the chain of title. Because a forged deed passes no interest, it sits among the hidden risks a title policy is designed to answer.
- Affidavit of title
- A sworn seller statement given at closing affirming no undisclosed liens, judgments or claims against the property. It supports the coverage written between the final search and the moment of recording.
- Recording
- Filing an instrument with the register or county clerk so it becomes part of the public record. Recording establishes priority against later purchasers and lenders.
- Closing statement
- The itemized accounting of every credit, debit and disbursement at a closing. Commercial deals use a HUD-1 or ALTA settlement statement; consumer mortgage closings pair it with the Closing Disclosure.
Where does power of attorney come up in a New York City closing?
A seller stationed overseas signs a New York statutory power of attorney before a consular officer, and it is recorded with the deed in Queens.
What else should you read before closing?
Questions this raises
- What documents do I sign at closing?Note, mortgage, title affidavit, settlement statement and transfer tax returns for buyers; deed and releases for sellers. What each document actual...
- What do I need to bring to a closing in NYC?Photo ID, funds in the form the agent instructed, a checkbook for adjustments, and every signer. The New York City closing checklist for buyers and...
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