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Can power of attorney buy property in India?

Can power of attorney buy property in India?

General Power of Attorney is not a valid document for transfer or purchase of immovable property in the eyes of law.

How do I write a power of attorney letter for a property in India?

I have executed a General Power of Attorney in favour of the said ——————————so as to conclude the sale after the registration of Conveyance Deed of the said flat in his favour or in favour of his nominees and I also hereby ratify and confirm that all acts, deeds and things done by the said Attorney for this flat shall …

Is power of attorney valid for purchase of property?

Is property sale through power of attorney legal? In 2011, the Supreme Court ruled that property sale through power of attorney (PoA) is illegal and only registered sale deeds provide any legal holding to property transactions.

Can NRI sell property through Power of Attorney?

“A Power of Attorney (POA) plays a significant role in the real estate dealings of the Non-Resident Indians (NRIs). As per the Registration Act, 1908, whenever an NRI sells or purchases a house property, both parties must be present physically while registering the transaction.

Can NRI selling property in India with Power of Attorney?

An NRI seller can authorize POA holder to accept payment on his behalf but cannot authorize payment to POA holder. Even if NRI seller authorizes POA holder to receive direct payment, the buyer should avoid such property transactions. Each of the sellers should execute separate Power of Attorney.

Can we register property with power of attorney?

A power of attorney is not a valid instrument to transfer property titles when buying or selling a property. To transfer property titles, a sale deed must be completed, after which the buyer must pay stamp duty and registration fees. On top of that, the seller will have to pay capital gains tax on the transaction.

How long is power of attorney valid in India?

Durable PoA: A durable POA remains effective for a lifetime, unless it is explicitly cancelled. A specific clause can be inserted in the document, stating that the representative’s power would remain valid even if the principal becomes incapacitated.

Can NRI selling property in India with power of attorney?

Is power of attorney transferable in India?

The Supreme Court of India in 2011 declared that, “a power of attorney is not an instrument of transfer in regard to any right, title or interest in an immovable property†. In consonance to the same the Indian Apex court directed the municipal bodies not to mutate or register properties based on such documents.

What is a durable power of attorney in Indiana?

Under Indiana durable power of attorney laws, the named individual (or “attorney-in-fact”) is granted the ability to make decisions related to care, treatment, and whether to continue life support. For example, a durable power of attorney can allow the named person to decide whether or not the patient should remain connected to a respirator.

What is a durable property power of attorney?

A durable property power of attorney is a legal document where one person (the principal) authorizes another (the agent) to act on the principal’s behalf regarding financial decisions. It is an estate planning document which allows a person to plan for the care and control of property in the event he or she becomes incapacitated.

What is a real estate power of attorney?

A power of attorney for real estate is a simple legal document that allows you to give someone the authority to buy or sell real estate for you, or to conduct any other business involving real estate that you own.

How can a NRI get power of attorney (POA)?

Draft the Power of Attorney for NRIs with attestations.

  • Reach to the Indian Embassy or Consulate of that country and get it stamped and sealed from the embassy.
  • Send the signed deed by registered post to the Indian address under the name of any relative or friend.