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Power of Attorney (POA) Rules for Property Deals
What is Power of Attorney
Situations when Power of Attorney is Useful
Power of Attorney is a useful method in many property transactions.
For Joint Development of a Property
When the Principal is willing to Develop the property with the help of a Promoter, the PoA comes in handy. This is known as Joint Ventures. In such cases, the Principal cannot rescind the PoA Deed.
Power of Attorney is very useful for NRIs to buy or sell properties. When an NRI wants to buy a property in India through a PoA, he/she need not give the property details in the PoA. This is so because the description of the property will be known only after the property is identified.
Other Situations when PoA is useful
The power of attorney for the land registration process in India can also be used by an individual who is bedridden or ill. Also useful for an aged person with health problems. There may be other circumstances when an individual is unavailable to conduct the transactions.
Compulsory Registration of Power of Attorney Deed
Power of Attorney Executed Outside India
Where to register the PoA?
PoA shall be presented in the SRO in whose jurisdictional area the property in whole or a portion of it is situated. Or, it can be registered in the SRO where the Principal ordinarily lives.
PoA Registered Outside Tamilnadu
POAs registered in other states can also be used for registering and execution of documents in Tamilnadu. However, in such cases the Registrar shall get written confirmation from the concerned SRO before proceeding with the registration.
Authorising a person to execute and present a document on behalf of a Company/Partnership Firm/LLP by the Partners/Directors cannot be considered as a Power of Attorney. Since, all the Partners/Directors of the Company/Partneršhip Firm/LLP cannot execute a document, it becomes necessary for them to identify a suitable person to execute the document on behalf of Company/Partnership Firm/LLP through a resolution/ authorisation. This resolution/authorisation should be enclosed as part of the document.
A company/partnership firm/LLP can be appointed as PoA.
Can One Sell His Property WITHOUT Annulling the Sale Agreement?
Supreme Court: No Transfer of Title Deed through PoA
Legal Status of Transaction concluded through Power of Attorney
Thus, while POA to avoid payment of Stamp Duty and parking of black money is discouraged, genuine transactions /sale made by the agent will be valid, is binding on the principal, and will convey a proper title to the purchaser(s).
Can PoA appoint a Sub-Agent?
Power Agent cannot appoint a sub-agent for registration of document. Consequently such documents shall not be accepted for registration.