(Advocate S Selvakumar|Property advocates in Bangalore|Property lawyers in Bangalore)
Power of
attorney is one in every of the documents that is being executed most
extensively bearing on the transactions involving transfer of properties,
regardless of modes of conveyance. the most reason being inability of the
person, either the transferee or the transferred to be gift at completely
different place at a similar time. So as to complete such transactions, in
his/her absence, General Power of attorney is executed; authorizing another
person to try and do acts or sure acts on his/her behalf. Such associate
instrument empowering a such that person to perform such act in his absence is
termed as General Power of attorney, as envisaged within the Power of attorney
Act 1882.
The
instrument of Power of attorney is predicated on the conception of Law of
Agency, whereby the Principal, i.e., the one that executes Power of attorney,
authorizes his Agent, i.e., the person in whose favor such Power of attorney is
executed, to try and do all such necessary acts per the ability of attorney on
his behalf and additional ratifies such acts of the Agent and also the said
conception has been recognized underneath the statute thereby giving legal
quality.
Competency of the Parties:
The
following are the necessary necessities before executing Power of Attorney:
Majors: it's necessary that each the
Principal and also the Agent should have earned the age of majority as a result
of contract entered between 2 parties, wherein, either of the one may be a
minor, isn't recognized under Law. Hence, it's important that each the parties
ought to be higher than 18 years aged.
Sound Mind: it's conjointly necessary that each
the Principal and also the Agent should be of the sound mind since the contract
with the person of unsound mind doesn't bind the parties to such a contract.
Types of
Power of Attorney:
There are 2
varieties of Power of professional. They are:
•General
Power of attorney: General Power of Attorney provides wide power to the agent
to try and do numerous acts on behalf of the Principal, with none
specifications.
•Special
Power of attorney: Special Power of Attorney is dead in those cases whereby
the agent is authorized to try and do such acts per such Power of Attorney.During this reasonably Power of professional, the ability given to the agent
are going to be revoked as presently as that individual act that the ability of
attorney is executed, is performed associated once such an act is completed,
Power of attorney doesn't live.
Sub-delegation of power:
The general
principal is that associate agent will neither sub-delegate his powers to a
Sub-agent nor will appoint another power of professional. The said principle is
well expressed in Latin maxim “Delegate non protest delegate”, which implies
someone who is delegated with sure powers cannot delegate such powers to a 3rdperson. But, section one hundred ninety of the Indian Contract Act provides
sure exceptions, whereby the agent will appoint sub-agent. However, such
sub-delegation should be done in connivance with the Principal, who needs to
formalize all the acts done by the agent on his behalf.the subsequent area
unit the circumstances underneath that Sub-delegation is permitted:
•The nature,
custom of the trade is such it needs the appointment of sub-agents.
•The
recitals in such power of attorney authorize the agent to sub-delegate his
powers to a different agent.
Registration and Notarization:
Under
Section seventeen of the Registration Act, if any group action involves
transfer, assignment or creation of right, title and interest over the stabile
property and also the price of such property is Rs.100 or additional, then
registration of such documents is necessary.
As regards
execution of Power of attorney, if the principle assigns right, title and
interest over the stabile property in favor of the agent and authorizes the
agent to execute any document on his behalf, in such case registration of the
ability of attorney is preferred. However, if the agent is delegated with the powers
that don’t involve any reasonably assignment or transfer of interest over the
stabile property, then power of attorney notarized before official or perhaps
before the adjudicator, is taken into account to be authenticate documents.
Thus for
instance, if someone executes Power of attorney, authorizing the ability of
professional Holder to execute sale deed on his behalf before the right
registering officer, then it's better to urge such power of attorney
registered. On the opposite hand, if Power of professional is dead, authorizing
the ability of professional holder to prosecute or defend the suit, then
criterion is often notarized before official. However, the Court shall presume
that an influence of attorney executed before and attested by official or any
Court, Judge, Magistrate, Indian consul or Vice-consul or Representative of the
Central Government was therefore dead and attested. If the ability of
professional isn't signed and sealed as required under law, it's nothing over a
paper.
In either of
the case, every page of the document, whether or not registered or notarized,
needs to bear official stamp of the Sub-Registrar workplace or official and
should disclose the number, Book variety and signature of the Sub-Registrar or
notary. If a similar is notarized, then, with the exception of the higher than,
acceptable functionary Stamp needs to be mounted.
Outside
India: Section eighty five of the Indian proof Act applies equally to documents
attested by Notaries Public of different countries. However, a similar needs to
be done by the selected Officers.Therefore any power of professional dead
outside India shall be attested by notary of such country or Indian
Consul/Embassy.
Stamp Duty:
Power of professional, dead and notarized in any country in favor of Power of
professional Holder, residing in India, needs to be punctually sealed among
four months from the date of receipt of a similar and also the stamp tax in
such case needs to be at the District Registrar’s workplace. However, if a
similar is dead in India, similar needs to be dead on the document sheet,
punctually sealed. stamp duty in either of the case are going to be Rs.100- if
a similar is executed in favor of one to five of them and if power of attorney
is given to over five persons, then the particular stamp tax collectible is
Rs.200/-.
Cancellation
of G.P.A: Power of attorney is often off by either of the parties to the
aforementioned contract. However, a similar needs to be done by giving correct
notice to the opposite, clearly mentioning the intention of the person to
revoke the said Power of attorney and see to it result needs to run to the
general public. However, the Principal cannot cancel the agency once the agent
exercises his powers part. If the ability of attorney is given just for the
particular purpose which purpose is fulfilled or if either of them dies or
becomes unsound, then such associate instrument mechanically gets off. If the
agent himself has any interest within the property that is that the material of
the agency, then a similar cannot be off unless the agent agrees.
Representation
of Owner: In Bangalore, there are a unit several instances whereby it's seen
that the ability of attorney Holder, in his individual capability, representing
himself because the owner rather than the particular owner can convey stabile
property, that act doesn't confer any reasonably right over the purchasers
since the document itself is void and not binding on the parties.Therefore
it's important to verify on whether or not the conveyance has been created by
the criterion Holder, punctually representing his Principal/Owner.
In the
recent times, with the growing boom of land in Bangalore, the instrument of
General Power of professional is taking part in a major role, not only in
reference to sale or purchase of the property, however conjointly all told
different connected fields. However, abundant caution needs to be taken at the
time of executing Power of attorney and also cancellation of a similar as a
result of a similar may be used as a weapon involving acts of fraud or
conspiracy to misguide and cheat public.
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