Monday 22 September 2014

PROCEDURE FOR EXECUTION OF THE POWER OF ATTORNEY

Advocate S Selvakumar|Property advocates in Bangalore|Property lawyers in Bangalore
Power of attorney is that the should wide used document in property transactions. this is often as a result of several acts, transactions have to be compelled to be dispensed at the same time and also the same persons can't be gift at totally different places at a similar time.Moreover, temporal order is incredibly necessary in property transactions.Power of professional person in straightforward terms suggests that an individual authorizing another person to try and do acts or bound acts on his behalf.
 
The Power of attorney Act 1882, defines power of attorney “includes any instrument empowering a such person to act for and within the name of the person capital punishment it”.The Karnataka statute 1957 defines power of attorney as “includes any instrument (not guilty with fee underneath the law with reference to court fees for the nowadays in force) empowering a such person to act for and within the name of the person capital punishment it”.

The Power of attorney Act 1882 has 5 sections solely and provisions of Indian Contract Act Chapter X managing Agency are applicable to power of attorneys. Section 182 of Indian Contract Act defines agent as “a person used to try and do any dealings with the third persons”.The person for whom such act is completed close to delineated  is termed principal.

The one who is capital punishment the facility of attorney is termed principal or the performer and also the person to whom power is granted is termed standard holder or beneficiary. each the principal and agent ought to be of sound mind and majors.The relation between donor and beneficiary is one among principal and agent, that has its genesis during a contract.

There are 2 sorts of Power of attorney.
b)Specific Power of attorney

The general power of attorney offers wide powers to the agent to try and do varied things on behalf of principal as careful in deed and not confined to any specific act or acts with reference to a selected subject.

Specific power of attorney is given in respect of single such dealing like merchandising of specific property.Once the aforesaid specific act is completed, the special power of attorney naturally gets revoked or the powers of the holder get exhausted.

Though power of professional person could be a contract of agency,there ar bound variations between agency and power of professional person.Power of professional person creates special power of agency, that entitles the holder to use principal’s name within the dealing entered into.Whereas an agent who isn't an influence of attorney holder isn't entitled to for such special powers, power of professional person holder acts within the name of his donor.

Power of attorney attracts revenue enhancement that varies from state to state.Article forty one of the Karnataka statute prescribes the revenue enhancement as follows:

Description of Instrument: correct revenue enhancement
a)When executed for the only real purpose of procuring the registration of 1 or a lot of documents in reference to one dealing or for admitting execution of 1 or a lot of such documents; 100 rupees.

b)When authorizing one person or a lot of to act during a single dealing apart from the case mentioned in clause (a) 100 rupees.

c)When authorizing less than 5 persons to act joint and severally in additional than one dealing or generally; 100 rupees.

d)When authorizing over 5 persons however less than ten persons to act conjointly and severally in additional than one dealing or generally; 2 hundred rupees.

e)When given for thought and authorizing the attorney to sell any immoveable property; a similar duty as a conveyance for a value capable the quantity of the thought.

i)When given to a promoter or developer along side venture agreement, by no matter name immersed construction, development on, or sale or transfer (in any manner whatsoever) of any immoveable property placed in Karnataka State;  One thousand rupees.

ii)When given to person apart from the daddy, mother, spouse or husband, sons, daughters, brothers, sisters in reference to the performer authorizing such person to sell immoveable property placed in Karnataka State;  Eight rupees for each 100 rupees or half therefrom on the value of the property that is that the subject-matter of power of attorney; only if the duty paid on such instrument is adjustable towards the duty owed on the instrument of sale or transfer dead after in favour of either the attorney holder or the other person.

f)In the other case, 100 rupees.
NB: The terms “Registration” includes operation attendant registration underneath the Registration Act, 1908.

Explanation
For the needs of this text a lot of persons than one once happiness to a similar firm, shall be deemed to be one person.

Attestation
The attestation of power of attorney isn't mandatory however so as to avoid any disputes, and to ascertain the proof of genuineness it's best to induce the document documented by 2 witnesses.

Registration
The registration of document isn't mandatory, once it's to be registered it shall be given at the sub registrar’s workplace who has jurisdiction over the immoveable property, brought up within the document.However in alternative cases, the document is also given for registration either within the workplace of the sub registrar in whose sub-district the document was dead or in the other sub registrar workplace within the state because the executants need.

Notarising
Notarising the facility of attorney is nearly as good as registration.  Section eighty five of Indian proof Act applies to the documents genuine  by the notaries.

The court shall presume that each document purporting to be power of attorney and are dead before and genuine  by official or any court, judge, magistrate, Indian diplomat or vice diplomat or representative of Central Government shall be plausible to be properly executed and would be a conclusive proof.

Each page of the document notarized ought to bear the official stamp of the notary revealing his license number, jurisdiction and additionally signature of the official. acceptable notary stamp has got to be appendant.

Documents dead outside Bharat; any power of attorney executed outside India wants authentication, which suggests it's to be dead within the presence of bound selected officers.

As per section eighty five of Indian proof Act the subsequent persons ar sceptred to attest the documents;
1.Notary public
3.Indian diplomat or vice diplomat
4.Representative of the Central Government
Section eighty five of the Indian proof Act applies equally to the documents genuine  by official of alternative countries.So any power of attorney executed outside India shall be genuine  by official of such country or Indian diplomat, vice diplomat or by representative of Central Government.

Such documents have to be compelled to be sealed inside 3 months from the date of receipt in Bharat, to be owed at the District Registrar’s workplace as per Section thirty one and thirty two of Karnataka statute 1957.


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