mlkamra@yahoo.com
in Property Law
Asked April 08, 2016

Power of Attorney

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One of my relative in Delhi needs Rs 30 lacs. He is ready to give power of attorney for one floor in his house. He has four floors. Please advise what is the best way to secure my interest. What will be legal costs, and your fee to prepare paperwork and handle transaction.

Answer 1

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Saumya Kumar
A Power of Attorney (POA) is an instrument which empowers a specified person to act for and in the name of the person executing it.[1]Therefore for the POA executed by your relative will give you the power to act on behalf of your relative.  As the agent of your relative under the POA you will be managing the property of the relative on his behalf. The registration of a POA is optional but if the POA is for an immovable property more than Rs. 100 then it must be registered. A Power of Attorney should be authenticated by a Sub-Registrar or notarized by the notary especially where in case power to sell land is granted to the agent. . In most of the POA the person executing the POS is referred as the Principal and the person vested with the authority is the referred as the attorney. The Principal formulating the POA must be competent to contract which means that he must be a major of sound mind. Further the Principal has the duty to appoint a responsible person as agent who would act for the Principal in good faith. The duties and responsibilities of the attorney are determined by the terms of the POA. If the attorney exceeds the authority vested on him or violates any condition given in the POA then he will be liable to pay damages to the Principal. Generally speaking, a power of attorney can be terminated or cancelled by the principal by revoking his authority or by the power of attorney holder renouncing his authority. It is therefore advised that you must contact a lawyer as soon as possible to assist you and your relative to formulate the terms of the POA. Your rights and responsibilities with respect to the property will be determined by the terms of the POA which must be drafted properly. In case you want assistance from a lawyer we can refer you to a lawyer registered with us working in your place. The concerned lawyer will be in a better position to help you in the drafting and determining the cost. [1] S. 2(21) the Indian Stamp Act, 1899; S. 2(21) the Indian Stamp Act, 1899
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