§ 18-16-3 - Real estate transactions. - Rhode Island Statutes

SECTION 18-16-3

   § 18-16-3  Real estate transactions. –(a) In a statutory short form power of attorney, the language conferringgeneral authority with respect to real estate transactions shall be construedto mean that the principal authorizes the agent:

   (1) To accept as a gift, or as security for a loan, toreject, to demand, to buy, to lease, to receive, or otherwise to acquire eitherownership or possession of any estate or interest in land;

   (2) To sell, to exchange, to convey either with or withoutcovenants, to quit claim, to release, to surrender, to mortgage, to encumber,to partition or to consent to the partitioning, grant options concerning, tolease 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 apart of it, to satisfy in whole or in part, and to enforce by action,proceeding or otherwise, any mortgage, encumbrance, lien or other claim to landwhich exists, or is claimed to exist, in favor of the principal;

   (4) To do any act of management or of conservation withrespect to any estate or interest in land owned, or claimed to be owned, by theprincipal, including, but not limited to, power to insure against any casualty,liability or loss, or obtain or to regain possession or to protect any estateor interest by action, proceeding or otherwise, to pay, to compromise or tocontest taxes or assessments, to apply for refunds in connection with it, topurchase supplies, to hire assistance or labor and to make repairs oralterations 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 improvementsupon any land in which the principal has, or claims to have, any estate orinterest;

   (6) To demand, to receive, to obtain by action, proceeding orotherwise, any money or other thing of value to which the principal is, or maybecome, or may claim to be, entitled as the proceeds of an interest in land orof one or more of the transactions enumerated in this section, to conserve, toinvest, to disburse or to utilize anything received for purposes enumerated inthis section, and to be reimbursed for any expenditures properly made by him orher in the execution of the powers conferred on him or her by the statutoryshort form power of attorney;

   (7) To participate in any reorganization with respect to realproperty and to receive and to hold any shares of stock or instrument ofsimilar character received in accordance with the plan of reorganization, andto act with respect to it, including, but not limited to, power to sell orotherwise to dispose of those shares, or any of them, to exercise or to sellany option, conversion or similar right with respect to the plan ofreorganization, and to vote on it in person or by the granting of a proxy;

   (8) To agree and to contract, in any manner, and with anyperson and on any terms, which the agent may select, for the accomplishment ofany of the purposes enumerated in this section, and to perform, to rescind, toreform, to release or to modify this agreement or contract or any other similaragreement or contract made by or on behalf of the principal;

   (9) To execute, to acknowledge, to seal and to deliver anydeed, revocation, declaration, mortgage, lease, notice, check or otherinstrument which the agent may think useful for the accomplishment of any ofthe purposes enumerated in this section;

   (10) To prosecute, to defend, to submit to arbitration, tosettle, and to propose or to accept a compromise with respect to, any claimexisting in favor of, or against, the principal based on or involving any realestate transaction or to intervene in any action or proceeding relating to it;

   (11) To hire, to discharge, and to compensate any attorney,accountant, expert witness or other assistant or assistants when the agentdeems this action to be desirable for the proper execution by him or her of anyof the powers described in this section, and for the keeping of needed recordsof these actions; and

   (12) In general, and in addition to all the specific actsenumerated in this section, to do any other act or acts, which the principalcan do through an agent, with respect to any estate or interest in land.

   (b) All powers described in this section shall be equallyexercisable with respect to any estate or interest in land owned by theprincipal at the giving of the power of attorney or thereafter acquired,whether located in the state of Rhode Island or elsewhere.