(1)If the seller is the original owner, and the buyer gives the seller a power of attorney to act for the buyer, the power may be exercised only in ways, and only for purposes, disclosed in a written statement given to the buyer before the power is given.
(2)The statement must include a detailed description of the circumstances in which the power may be exercised.
(3)A power of attorney mentioned in subsection (1), unless it sooner expires, expires 1 year after it is given.