Query on Power of Attorney(POA) for buying property

Discussion in 'General Discussions' started by amihere, Apr 17, 2012.

  1. amihere

    amihere Platinum IL'ite

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  2. flowerlady

    flowerlady IL Hall of Fame

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    On has to consult a lawyer who will draw up a proper paper in legal language and notarise it. It has to be signed by both and witnessed by at least 2 people.It can limited powers for a specific period or unlimited.
    Google for more info.
     
  3. Shanvy

    Shanvy IL Hall of Fame

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    Poa has to be registered in the registrar office, in case of purchasing property. in tamilnadu, you have to mention clearly the use of the poa..general poa is not issued much these days. the registration fees also has increased.

    you have to mention, that the poa is for the purchase of the particular property..

    The Hindu : Property Plus Bangalore : What an NRI has to do in executing a PoA

    the rates and the stamp duty needs to be checked too.
     
  4. amihere

    amihere Platinum IL'ite

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    Hi Flowerlady,
    Thanks for the fb, I got these details by searching the net. But wanted to know about stamp duty and registration chargs in bangalore too, if anyone had an experience in this.

    Hi Shanthi,
    Thanks for the fb. I read that POA are not entertained much now a days due to a verdict from SC. And special POA provides the person who has POA the authority to carry out that particular trasaction only. I have read that in case of general POA we have to revoke it for the POA to become invalid and for special POA it becomes invalid after the purpose for which the same was executed. Any idea if this is so? Or should we revoke the special POA too? Also when we give POA to a person to buy a property should the property be registered in his/her name and re-register it back to our name once we are available? Or can we postpond the registration of property until a particular period?


    Also read that you can give POA only to siblings,mother and father. If you give POA to any other person for property purchase 2% of market value of property is applicable as stamp duty. But in some places its said only 100/- or 250/- is required.
     
  5. amihere

    amihere Platinum IL'ite

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    Hi Guys,
    I got my POA done and thought will update this thread, incase someone else is also looking for the same info. PoA can be done easily if you approach a lawyer. They will take care of stamping registration and all those. We consulted a lwyer here and he charged only 1K including his fees, stamping,registration, documentation etc. If anyone in banlgaore wants his contact PM me.
    Else if you are wishing to save the money and do it yourself. First thing is you need to get your POA documented, then either get an e-stamping done or franking. And finally registar it at registrar office.
    Some lawyers charge higher amount also. A lawyer whom a firend suggested charges 5K for these. So enquiring around for good but affordable lawyers will also help in cutting the cost.
     
  6. Charuhasa

    Charuhasa New IL'ite

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    Hi Ami,

    Could you please send the details of the lawyer you used for POA? I cannot PM you for some reason.


    Charu
     

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