Monday, June 17, 2019

Power of Attorney in India

Author: Sachin Gupta | Find me on Twitter

Power of Attorney is used in many real estate transactions in India. In fact, there are instances when people opt for Power of Attorney instead of the property registration to save on exorbitant property stamp duty and registration charges.

The literal definition of Attorney is ‘a person, typically a lawyer, appointed to act for another in business or legal matters’. Therefore, in real estate transactions, a typical Power of Attorney would mean one person authorizing another person to act on his/her behalf as a legal representative to make binding legal and financial decisions. The person who gives Power of Attorney is known as donor or Principal, while the person who receives the Power of Attorney is known as Agent or holder.

In Delhi, many real estate transactions take place on ‘Power of Attorney’. Since property circle rates in Delhi are extremely high, therefore, there are people who opt for Power of Attorney to save on stamp duty and registration charges. However, there are risks attached to such transactions in case the Agent or holder does not discharge his/her duties accurately and honestly. For example, if the Agent or holder defaults on EMIs on a given property, then, the Principal’s property may be taken over by the authorized bodies by issuing a SARFAESI notice and auctioned for recovery of dues.

More on Power of Attorney can be found below:




Have any Questions?

17 comments:

  1. Nice Blog. Thank you for sharing such a great informative blog. I also want to share a bit of information about 4 bhk projects in noida extension which is the wonderful project in Noida.

    ReplyDelete
  2. Hey Nice Blog!!! Thank you for sharing information. Wonderful blog & good post.Its really helpful for me, waiting for a more new post. Keep Blogging!

    Plots available in Gorakhpur
    Plots for Buy in Gorakhpur
    Residential Property in Gorakhpur
    Residential Plots for Sale in Gorakhpur

    ReplyDelete
  3. Hey Nice Blog!!! Thank you for sharing information. Wonderful blog & good post.Its really helpful for me, waiting for a more new post. Keep Blogging! !

    http://msinfracity.home.blog/2019/03/28/real-estate-gorakhpur-msinfra-city/
    http://msinfracity.home.blog/2019/06/20/investment-in-commercial-real-estate-property-ms-infracity-gorakhpur/
    http://msinfracity.home.blog/2019/05/03/what-are-trusted-real-estate-investment-and-why-do-we-need/

    ReplyDelete
  4. Thanks for this information keep sharing...
    PG related query PG in sector 15 Noida

    ReplyDelete
  5. Invest with 200$ and get a returns of 5,000$ within seven business working days.
    Why wasting your precious time online looking for a loan? When there is an opportunity for you to invest with 200$ and get a returns of 5,000$ within seven business working days. Contact us now for more information if interested on how you can earn big with just little amount. This is all about investing into Crude Oil and Gas Business.

    Email: investmoneyoilgas@gmail.com

    ReplyDelete
  6. Congratulation for the great post. Those who come to read your Information will find lots of helpful and informative tips. Sell Your House Fast In Leawood and Overland Park

    ReplyDelete
  7. Firstly I would like to thank you before commenting on your marvelous and very useful blog.
    Get all the information about the real estate in just a one click @
    flats in chennai
    Flats For Sale in Avadi
    Flats for sale near avadi
    apartments for sale in avadi
    apartments for sale near avadi
    apartments in chennai
    flats for sales near me
    flats for sales in chennai

    ReplyDelete