A Power of Attorney (POA) is a useful instrument for Non-Resident Indians (NRIs) who own a property in India. … 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 a power of attorney sell property in India?
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 we sell property through power of attorney?
If the deed of power of attorney grants power to sell the property of the principal and to execute and register necessary documents in that regard, such a sale made by the agent will be valid, is binding on the principal, and will convey a proper title to the purchaser(s).
Can NRI give power of attorney in India?
“In India, the NRI can get the PoA executed in the Sub-Registrar’s office. However, the POA should be drafted on a non-judicial stamp paper of Rs 100 value. Also, two legal representatives and witnesses would be required to execute the deed. All the members should have their valid ID proofs and photographs.
Can sale deed be executed by 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.
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 sell property in India without going to India?
If you are a Non-Resident Indian, you can sell the property to a Resident Indian without restrictions. If the buyer is a Non-Resident Indian or a Person of Indian Origin (POI), you may need the approval of the Reserve Bank of India (RBI). You are not allowed to sell the property to a foreigner.
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 I sell my mother’s house with Power of Attorney?
Answer: Those appointed under a Lasting Power of Attorney (LPA) can sell property on behalf the person who appointed them, provided there are no restrictions set out in the LPA. You can sell your mother’s house as you and your sister were both appointed to act jointly and severally.
Does Power of Attorney means ownership of property?
In real estate, POA of property may be used by individuals who are selling a home but are living overseas and unable to be present during the sale. Assets like real estate, stocks, bonds, and bank accounts owned by a principal are included under power of attorney of property.
Can NRI give power of attorney to another NRI?
NRIs or any other emigrants can delegate any reliable person to discharge his responsibility legally. Power of Attorney (PoA) can do favour to them by introducing relief and comfort in settling down property disputes and exchanging old currency notes under demonetization. But it should be attested from Indian embassy.
Can an NRI sell property in India?
An NRI can sell his/her residential or commercial property to either a person residing in India, another NRI or a person of Indian origin (PIO). … However, if the property is an agricultural land or farming development, it can only be sold to a resident Indian citizen.
Is power of attorney valid internationally?
A POA executed abroad can be used in the United States as long as it is recognized as valid and abides by relevant state law. When the POA is executed, it must be signed at a “notarization appointment” in the presence of a notarizing official at a local United States embassy or consulate.
What are the disadvantages of Power of Attorney?
- Your loved one’s competence at the time of writing the power of attorney might be questioned later.
- Some financial institutions require that the document be written on special forms.
- Some institutions may refuse to recognize a document after six months to one year.
Is Power of Attorney valid in all states in India?
yes, the power of Attorney is valid universal whether given in any state, however, the attorney holder shall not perform any such duty which is not mentioned in the deed itself.
Can Power of Attorney be transferred to another person in India?
Actually the power given by Power of Attorney can not be delegated upon another person unless there is express provision in the original POA that the attorney holder shall be able to appoint another attorney by virtue of this POA.