Sample Format POA (Power Of Attorney) For Property

Law
11-Jun-2024
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The Power of Attorney (POA) is a very important legal document that helps in property-related cases and makes the process of transfer smoother. The power of attorney is supposed to be drafted very carefully and as per guidelines. To guide you better, we have curated an article with all the important information that can help you understand it more, and with the help of the formats and samples, you can take direct guidance from the article.

Points To Be Included In POA For Property

Drafting the POA for the Sale of Property is the first stage in the process. The Powers of Attorney Act of 1882 and the Indian Registration Act of 1908 should be followed when drafting the instrument. The document must outline the attorney-in-fact's authorized powers as well as any restrictions. It should also specify how long the POA will last and the situations in which it can be withdrawn. Use a template from a reliable source or think about speaking with a real estate attorney to construct the document. Make sure the following details are included in the document:

  • Complete names and addresses of the primary and attorney-in-fact interested parties.
  • The execution date.
  • An explanation of the asset up for sale.
  • The extent of the attorney-in-fact's power (whether broad or particular).
  • The POA's duration.
  • Conditions that allow the POA to be revoked.

Now, the document must be signed on appropriate-value non-judicial stamp paper after it has been written. In India, the stamp duty on a power of attorney varies by state. To find out the proper stamp duty for your POA, speak with a dealer of stamps or a lawyer. The principal must sign the paperwork in front of two witnesses. Along with signing the paperwork, the witnesses must include their full name, residence, and employment. Make sure the document is performed correctly by adhering to these guidelines, like, applying judicial-grade stamp paper that is suitable in value, in front of two witnesses, signing the paperwork, and getting the witnesses to sign the paperwork providing their complete name, residence, and employment.

Now, the POA for property should be registered with the Sub-Registrar's office in order for it to be enforceable and legitimate under law. In India, the cost to register a POA varies from state to state. For information on the proper registration fee for your POA, contact a sub-registrar's office or a lawyer. The attorney-in-fact may represent the property owner in the sale of the property after the POA is registered. To register the POA, adhere to these instructions:

  • Go to the Sub-Registrar's office that's closest to you.
  • Deliver the necessary paperwork, which should include the signed and stamped Power of Attorney.
  • Cover the relevant registration costs.
  • Get the registered POA's certified copy.

It is crucial to confirm the attorney-in-fact's identity and qualifications before awarding them authority. The owner of the property should confirm that the attorney-in-fact is reliable and qualified to manage the selling transaction. The attorney-in-fact ought to present proof of identity, such as a passport or driver's license, as well as credentials, like a letter of authorization or a power of attorney certificate. To verify the attorney-in-fact by following these guidelines:

  • Get copies of the identity papers belonging to the attorney-in-fact.
  • Verify if the identity documents are legitimate.
  • Examine the attorney-in-fact's qualifications, such as a letter of authorization or a certificate of power of attorney.

The property owner may withdraw the POA at any time by providing written notification to the attorney-in-fact. To be enforceable and legally legitimate, the revocation must be filed with the Sub-Registrar's office. All original papers pertaining to the property and any money collected on their behalf shall be returned by the attorney-in-fact, as per the property owner's assurance. To revoke the POA, you can do a few things, like, rescind the POA, send out a formal notice of intent, give the notification to the real attorney, at the Sub-Registrar's office, register the revocation notification, obtain the revocation notification in certified copy.

Sample Formats For General Power Of Attorney (GPOA)

A general power of attorney gives the agent, or attorney-in-fact, extensive authority to handle a variety of the principal's matters. With this kind of complete power of attorney, the agent has the same decision-making and action-taking authority as the principals. The authority usually covers managing commercial affairs, purchasing and selling real estate, processing financial transactions, and addressing lawsuits and legal claims.

Important features of a general power of attorney consist of:

  • Wide Power: The agent has the ability to carry out nearly all the principal's duties, including conducting commercial transactions and money management.
  • Convenience: Perfect for people who, because of their absence or infirmity, require someone to handle all of their business.
  • Termination: Unless otherwise noted as "durable," usually ends when the primary loses capacity.

Format For Selling Property

Below is a format that you can follow and customize accordingly:

 

TO ALL TO WHOM THESE PRESENTS SHALL COME I Mr. ... residing at ………... send Greetings -

 

WHEREAS I have agreed to sell my property situated at ... which is more particularly described in the schedule hereunder written by an agreement for sale dated ... entered into with Mr. …………..

 

AND WHEREAS the sale is expected to be completed within a short time, but as I am leaving India soon and will be out of India for a long time, I will be unable to attend at the completion of the sale and to execute the said Deed of Conveyance and other required documents.

 

AND WHEREAS I, therefore, propose to appoint my wife Mrs. ... as my true and lawful attorney with full power to do and execute the following acts, deeds, and things which she has agreed to do.

 

NOW KNOW YOU ALL AND THESE PRESENTS WITNESSES That I, Mr. ... hereby appoint and constitute Mrs. ... to be my true and lawful attorney or agent with full authority or power to do and execute the following acts, deeds, and things in my name on my behalf and, for me viz..

1) On or at the time of completion of the sale of the said property, to execute the Deed of Conveyance In terms of the draft approved by my advocate in favor of the said Purchaser or his nominee.

2) To receive the sale price payable by the Purchaser under the said agreement and to pass a valid receipt for the same.

3) To sign the necessary transfer forms for transferring the said property to the name of the Purchaser in the records of the Municipal Corporation and in the Revenue records of the Govt.

4) To execute any other documents Incidental to the Deed of conveyance if required and as advised by my advocate.

5) To lodge the Deed of Conveyance and other documents if any executed and requiring registration in the office of the Registrar or Sub Registrar of Assurances concerned and or to admit execution made before him.

6) To give formal possession of the said property to the Purchaser by handing over vacant possession of such part of the said property as is in my personal occupation and by attending to the Purchasers, the tenants who are occupying the said property.

7) To make an account of the rents and outstanding of the said property by way of taxes, and other charges, deductions, etc., as on the date of completion and if after making an account and adjustments thereof, any amount is found payable by me to the Purchaser, to pay the same or if any amount is found payable by the Purchaser to me. To receive the same and give a valid receipt for the same.

8) To pay stamp duty and registration charges in respect of the said document or any part thereof, if I am liable to pay the same under the said agreement or in law.

9) To settle and pay my advocate's fees in respect of the sale out of the sale proceeds.

10) To credit the net sale proceeds when received to my Bank Account with Bank of .……………

11) To apply for and obtain an Income Tax Certificate under Section 230A of the Income Tax Act, 1961 for registration of the said Deed.

12) And to do all other acts and things as may be required to be done for completing the sale of the said property and executing the Deed of Conveyance, as I would do if personally present.

 

AND I, hereby agree to ratify all lawful acts and things done by the said attorney in pursuance of the powers herein contained.

 

IN WITNESS WHEREOF I put my hand this ... day of .……….,2000.

 

THE SCHEDULE ABOVE REFERRED TO

 

Signed and delivered by

The withinnamed Mr . ......

in the presence of ......

Format For Buying Property

Below is a format that you can follow and customize accordingly:

 

TO ALL TO WHOM THESE PRESENTS SHALL COME I Mrs. ... residing at ………... send Greetings -

 

WHEREAS I have agreed to buy a property situated at ... and which is more particularly described in the Schedule hereunder written by an agreement for sale dated ... entered into with Mr. .…………..

 

AND WHEREAS the purchase is expected to be completed within a short time, but as I am leaving India soon and will be out of India for a long time, I will be unable to attend the completion of the purchase and to execute the Deed of Conveyance and other required documents.

 

AND WHEREAS I, therefore, propose to appoint my husband Mr. ... as my true and lawful attorney with full power to do and execute the following acts, deeds, and things which he has agreed to do.

 

NOW KNOW YOU ALL AND THESE PRESENTS WITNESSES That I, Mrs. ... hereby appoint and constitute Mr. ... to be my true and lawful attorney or agent with full authority or power to do and execute the following acts, deeds, and things in my name on my behalf and for me, viz..

1) On or at the time of completion of the purchase of the said property, to obtain and execute the Deed of Conveyance in terms of the draft approved by my advocate in favor of myself or my nominee.

2) To make payment of the purchase price payable to the seller under the said agreement and to obtain a valid receipt for the same.

3) To sign the necessary transfer forms for transferring the said property to my name in the records of the Municipal Corporation and in the Revenue records of the Government.

4) To execute any other documents incidental to the Deed of conveyance if required and as advised by my advocate.

5) To lodge the Deed of Conveyance and other documents, if any, executed and requiring registration in the office of the Registrar or Sub Registrar of Assurances concerned and/or to admit execution made before him.

6) To take formal possession of the said property from the Seller by accepting vacant possession of such part of the said property as is to be delivered and by dealing with any existing tenants as necessary.

7) To make an account of the rents and outstanding dues of the said property, including taxes, and other charges, deductions, etc., as on the date of completion.

8) To pay stamp duty and registration charges in respect of the said document or any part thereof, if I am liable to pay the same under the said agreement or in law.

9) To settle and pay the Seller's advocate's fees in respect of the purchase out of the purchase proceeds.

10) To credit the net purchase proceeds, when received, to the Seller's Bank Account with Bank of .……………

11) To apply for and obtain an Income Tax Certificate under Section 230A of the Income Tax Act, 1961 for registration of the said Deed.

12) And to do all other acts and things as may be required to be done for completing the purchase of the said property and executing the Deed of Conveyance, as I would do if personally present.

 

AND I hereby agree to ratify all lawful acts and things done by the said attorney in pursuance of the powers herein contained.

 

IN WITNESS WHEREOF I have put my hand this ... day of .……….,2000.

 

THE SCHEDULE ABOVE REFERRED TO

 

Signed and delivered by

the withinnamed Mrs. ......

in the presence of ......

Conclusion

Now that you know, the power of attorney is a very important document, and it has a lot of legal and technical aspects as well. It is important for you to understand that giving it that much importance and time is important for your situation as well. This will help you gain the support of the right advocate and make your property transfer process smooth at the same time. It is advised that you seek good legal support for such cases where property is involved.