Power Of Attorney
Suppose you currently reside outside India and find that managing your assets there has become a burden. In that case, the Power of Attorney in India (PoA) is the ideal legal instrument for your situation. Even long-term residents of India often choose to sign POAs to take advantage of the many advantages they offer.
People with many assets often find it challenging to be physically present in multiple places, and they execute POAs to delegate the responsibility.
What precisely is a PoA?
To put it in the most basic terms possible, it is the authority (right) that a person (the principal) bestows upon an attorney (a legal representative). For example, suppose an individual has recently purchased real estate in India but cannot be there in person to complete the registration process. In that case, he may use a registered power of attorney for property registration to delegate these rights and responsibilities to a family member or a close friend instead.
POA in Real Estate
The following are some of the ways that one could utilize a general power of attorney in India in the real estate industry:
- Mortgage, trading, selling, leasing, collecting rent, lending, and receiving a grant
- Take charge of and mediate the conflicts.
- Carry out the tasks that financial institutions and insurance companies require, such as entering into contracts, dealing with bonds, and other activities.
Power of Attorney by More than Two Persons
In situations where there are multiple owners of a piece of property, it would be challenging for all individuals involved to complete a transaction together successfully. In the circumstances like these, conferring power of attorney on a single individual would simplify the situation.
Consequently, this individual would be granted the authority to make decisions on behalf of all of the owners jointly.
What are the procedures for carrying out Powers of Attorney in India?
If an NRI currently resides in India, he can put the POA into effect from within India before departing for his home country. These are the procedures you must follow, or you can contact Alka Property too, for help in these procedures:
- The non-resident Indian (NRI) must have the desired portion of a power of attorney (POA) drafted and typed on non-judicial stamp paper with a good value, which is typically Rs 100.
- The next step requires the individual to present themselves at the Sub-Office, Registrar’s accompanied by their legal representative, and two witnesses at the very least.
- It is necessary to ensure that every individual going to the Sub-Office Registrar has a current and valid form of identification with them. In addition to the original copy of the POA, you must bring a photocopy of it.
- In the next step, which takes place at the office of the Sub-Registrar, the party’s signatures, photographs, and fingerprints will be collected.
- At this point, you must go to the Sub-Office Registrar on the designated date to collect the registered POA. After the completion of the necessary formalities, this could take anywhere from three to five days
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What Happens if You are Not Currently in India?
You can execute an NRI’s Power of Attorney to sell property in India from the country in which you are domiciled through the Indian Embassy or Consulate if you currently live outside of India and do not anticipate being able to travel to India shortly.
There are two ways to put a POA into effect from another country:
Legalization:
In this instance, the signatures of the notary or judge in front of whom the POA is executed must be authenticated by the duly accredited representative of the Indian Embassy or Consulate. This is a requirement for legalization. Notarizing a deed by an authorized officer of the Indian Consulate or Embassy is considered a valid notary, as stated in Section 3 of the Diplomatic and Consular Officers (Oaths and Fees) Act, 1948.
At the time of execution, a stamp is not required to be placed on this type of POA. However, it must be stamped within three months of the date the POA was received in India, or it will be considered invalid.
Apostalisation:
The deed of POA executed outside India is proven through an apostallisation process governed by the Hague Convention, 1961. This process is known as crystallization.
An apostille is a certificate that confirms and verifies the signature and seal of the person who authenticated the document. This certification is also known as super legalization.
However, for this deed to be valid, it must adhere to all applicable Indian laws, including the Indian Registration Act of 1908 and the Power of Attorney Act of 1882. In addition to that, the stamp duty must be paid on this.
Regulation of Power Of Attorney
A Power of Attorney to sell property in India document should be construed as including all of the powers required for its execution. A stringent interpretation needs to be given to the POA, and no additional rights should be construed unless they are mentioned explicitly in the document.
The representative is obligated to behave appropriately and cannot bind the principal with his actions if those actions are outside the scope of his authority.
If you are an NRI, you cannot be sued or held responsible for the fraud committed by the representative unless it can be demonstrated that you actively participated in the fraudulent activity. If you’ve been having trouble, don’t worry, Alka Property is here every step of the way.
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