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Can sale deed be executed by power of attorney holder?
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.
Is power of attorney valid for sale 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.
What is the validity of power of attorney 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 a person holding power of attorney sell property?
When it comes to buying or selling a property Power of Attorney is not a valid instrument to transfer property titles. A sale deed must be carried out for transferring property titles, following which the buyer has to pay stamp duty and registration charges.
Who can execute a sale deed?
The deed is executed by all the parties and all pages of the deed are signed. The deed should be witnessed by at least two witnesses giving their full names, signatures, and addresses. The buyer should ensure the title of the seller is clear before the execution of the sale deed.
Can power of attorney sell property to himself in India?
If the Power of Attorney holder is following all the legal procedures then he cannot be barred by law from selling the property to himself. If the passing of consideration is not disputed then the sale deed executed by the Power of Attorney to himself as a buyer is completely legal.
What is the time limit for power of attorney?
The PoA may be made for a limited or indefinite period of time. The PoA should state if the attorney can sub-delegate the powers delegated to him or her to another person and that the PoA shall be valid even in the event you are incapacitated due to ill health.
When sale deed is executed?
A sale deed is executed after the execution of the agreement to sell, and after compliance of various terms and conditions detailed in the agreement to sell as agreed upon between the buyer and seller.
How is sale deed executed?
Is registered power of attorney valid after death?
Upon the death of the principal, the power of attorney is no longer valid and instead the will is executed. As a result, unless the agent has also been named as the executor of the will, they lose all power to make decisions on behalf of the principal.
What happens if the POA dies?
If the principal, the person granting the POA, dies, the POA is void. If the agent, the person who was appointed, dies before the principal, if there is an alternate appointed, it will go to the alternate.
Can a power of attorney be used to sell a property?
If the power of attorney deed is a registered document and the principal is having marketable title to sell the property, then the registered sale deed executed by the power of attorney deed in favor of the buyer shall be valid, provided the life certificate of the principal is produced before the registrar as per rules.
What is a sale deed and how does it work?
A sale deed acts as the main legal document that evidences the sale and transfer of ownership of property in favour of the buyer from the seller. It also acts as the main document for further sale by the buyer as it establishes his proof of ownership of the property.
How to send a power of attorney to India?
Send your Power of Attorney to India As soon as the process is complete and the Indian Consulate has attested your power of attorney, you can send it to India. Again, be very careful and make sure to hand over a power of attorney to a trustworthy person. The attorney-in-fact must be a responsible and cautious person.
When is a draft sale deed executed?
A sale deed is executed after the execution of the agreement to sell, and after compliance of various terms and conditions detailed in the agreement to sell as agreed upon between the buyer and seller. A draft sale deed is prepared on non-judicial stamp paper of requisite value as prescribed by the Stamp Act of the State concerned.