North Carolina § 32C-2-204 - Real property.

§ 32C-2-204. Real property.

Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to real property authorizes the agent to do all of the following: Demand, buy, lease, receive, accept as a gift or as security for an extension of credit, or otherwise acquire or reject an interest in real property or a right incident to real property. Sell; exchange; convey with or without covenants, representations, or warranties; quitclaim; release; surrender; retain title for security; encumber; partition; consent to partitioning; subject to an easement or covenant; subdivide; apply for zoning or other governmental permits; plat or consent to platting; develop; grant an option concerning; lease; sublease; contribute to an entity in exchange for an interest in that entity; or otherwise grant or dispose of an interest in real property or a right incident to real property. Pledge or encumber an interest in real property or right incident to real property as security for the principal or any entity in which the principal has an ownership interest to borrow money or to pay, renew, or extend the time of payment of (i) a debt of the principal, (ii) or a debt guaranteed by the principal, (iii) a debt of any entity in which the principal has an ownership interest, or (iv) a debt guaranteed by any entity in which the principal has an ownership interest. Release, assign, satisfy, or enforce by litigation or otherwise a mortgage, deed of trust, conditional sale contract, encumbrance, lien, or other claim to real property which exists or is asserted. Manage or conserve an interest in real property or a right incident to real property owned or claimed to be owned by the principal or to be acquired by the principal, including all of the following: Insuring against liability or casualty or other loss. Obtaining or regaining possession of or protecting the interest or right by litigation or otherwise. Paying, assessing, compromising, or contesting taxes or assessments or applying for and receiving refunds in connection with them. Purchasing supplies, hiring assistance or labor, and making repairs or alterations to the real property. Obtaining title insurance for the benefit of the principal and/or any lender that has or will obtain a mortgage or deed of trust encumbering the real property. Use, develop, alter, replace, remove, erect, or install structures or other improvements upon real property in or incident to which the principal has, or claims to have, an interest or right. Participate in a reorganization with respect to real property or an entity that owns an interest in or right incident to real property and receive, hold, and act with respect to stocks and bonds or other property received in a plan of reorganization, including all of the following: Selling or otherwise disposing of them. Exercising or selling an option, right of conversion, or similar right with respect to them. Exercising any voting rights in person or by proxy. Subdivision (3) extends the power to pledge or "encumber" an interest in real property or a right incident to real property as security "for the principal or any entity in which the principal has an ownership interest" and adds with respect to the payment of a debt the following: "(iii) a debt of any entity in which the principal has an ownership interest or (iv) a debt guaranteed by any entity in which the principal has an ownership interest." In subdivision (5) the words "or to be acquired by the principal" were added after the words "to be owned by the principal." In addition subdivision (e), which is not a part of the Uniform Power of Attorney Act, was added to provide specific authority to obtain title insurance. Subdivision (10), which is not a part of the Uniform Power of Attorney Act, was added to grant the agent authority to waive, release or subordinate the principal's inchoate right pursuant to G.S. 29-30 to claim an elective life estate, regardless of whether the waiver of release or subordination benefits the agent or a person to whom the agent owes an obligation of support. Change the form of title of an interest in or right incident to real property. Dedicate to public use, with or without consideration, easements or other real property in which the principal has, or claims to have, an interest. With respect to any real property owned or claimed to be owned by the principal's spouse and in which the principal's only interest is a marital interest, waive, release, or subordinate the principal's inchoate right pursuant to G.S. 29-30 to claim an elective life estate in the real property, regardless of whether the waiver, release, or subordination will benefit the agent or a person to whom the agent owes an obligation of support. History (2017-153, s. 1.) NORTH CAROLINA COMMENT This section is somewhat similar to, but more comprehensive than, the powers relating to real property defined in former G.S. 32A-2(1) that could be incorporated by reference in the Statutory Short Form Power of Attorney pursuant to former G.S. 32A-1 . This section modified Section 204 of the Uniform Power of Attorney Act as follows: Editor's Note. - Session Laws 2017-153, s. 3, provides, in part: "The Revisor of Statutes shall cause to be printed, as annotations to the published General Statutes, all relevant portions of the Official Comments to the Uniform Power of Attorney Act (2006) and all explanatory comments of the drafters of this act as the Revisor may deem appropriate."