How to Create a Power Of Attorney for Sale of Property?
Time and again, selling a property is considered an unwieldy procedure. It entails more than a few activities ranging from getting all property-related papers up to date, finding a consumer, drafting a contract to sell, carrying out a sale deed, and after that, going on with the registration. Things get further intricate in case the registered landlord is out of town or is not capable of attending the dealings owing to any other problems that are not restricted to physical inability and old age.
This is when a Power of Attorney for sale of property is to be produced. It is exceptionally ordinary at the moment to give the powers to a responsible individual to conduct the registrations or sell or rent out if you are busy with your to-do list
What is the role of power of Attorney in real estate?
A Power of Attorney is an official certificate by which one individual offers the right to perform or powers of transacting in matters concerning property, banking, legal and formal procedures, tax payments, and so forth, to another individual owing to some reasons together with being overseas, or getting old, or not capable of looking after one’s tasks and the associated matters.
Power of Attorney is a power given by a printed official instrument whereby someone termed as the donor or principal approves another individual termed as the donee, Attorney or agent to take action on his behalf.
A good number of property managers act as the association between the leaseholders and the property owners concerning the rented possessions throughout the parcel’s rent.
The donor is the individual who grants the power to another individual to proceed on his behalf.
The individual to whom the power is contracted is termed the done or Attorney or agent.
Who is supposed to use the Power of Attorney?
More often than not, the Power of Attorney is created by anybody who cannot do the dealings in person by himself or herself owing to different reasons. The following are the reasons that usually force a person to give the power of performing to a different individual.
- Residing out of the country and not capable of being present for the duty
- Poor health and confined to bed
- Old age or senior citizens with the poor physical condition
- Any other reason for being not competent to carry out the legal steps to selling a house in person
Power Of Attorney and Non-Resident Indians (NRI)
An NRI or non-resident Indian can create a Power of Attorney deed by living overseas without having to come to India for that reason. Most non-resident Indians own properties and banking transactions in India that might need their presence while legal steps to selling a house take place. However, it is generally not possible to visit India for every deal. For this purpose, NRIs can bestow the powers to carry out dealings to another individual who is either a family member or a pal.
How to create the power of Attorney for property registration?
The procedure to be followed by non-resident Indians while creating a Power of Attorney for property registration is simple as follows:
- First of all, you need to draft the Power of Attorney for non-resident Indians by printing on a plain paper and signing it.
- Visit the Indian Embassy or Consulate and get it stamped as well as sealed from the delegation. Besides, you can get it notarized using a Public Notary stating the notary registration number on the seal on every page of the certificate.
- Send the attested legal document by registered post to your Indian address in the name of any family member or associate.
- The person in India is supposed to get it registered in India at a Sub-Divisional Magistrate office or Sub-Registrar office by paying the proper registration charges valid in that state.
Read more about: Tax implications for NRIs selling property in India
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