Questions Legal

Can the power of attorney holder sell the property?

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Airtract

Sidharth Kumar

YOU BECOME WHAT YOU BELIEVE

It is a common deed seen among NRIs and another group of people who are not in a circumstance to deal with the legal and technical aspects of their property or assets to appoint or authorize someone else to perform certain functions regarding their properties. These tasks can include transactions, stock power control, supervising a tax audit, or managing a safe-deposit box, etc. The actual owner of the property is known as Principal, and the person who is appointed to supervise the transactions is called a Legal representative. The written document of this whole deal is known as the Power of Attorney.

There are two authorization given to the Power of Attorney holder as,

1. Special Power of Attorney - As the name suggests, a special power of attorney for sale of the property is a legal document that gives a person permission to sell his/her property of another person. All the rights and duties assigned to the legal representative is clearly mentioned in the document prepared as Power of Attorney. This means that the document is well written and drafter without any error. The rights hover nearby the sale deed and registration procedures. The titles dealing with a certificate of the consideration for the property is particularised in detail along with taxation rules to be fulfilled.

2. The general power of attorney - Selling the property using General Power of Attorney was becoming common custom in Indian cities, owing to the financial benefits it proposed, both the buyer and the seller. If you are transferring the property title, the buyer has to pay stamp charge and registration charges. The seller has to fill in some taxes as well. The property sale with the general power of attorney avoids all these charges. This is why the real estate sector trade properties with the general power of attorney. But the Supreme Court (SC) has held in 2011 that transferring property title with GPA is not valid.

Airtract

Shahid Raza

Tagline Not available

Yes he can

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