What are the rules for power of attorney? What is special power of attorney in India? How can a NRI get power of attorney (POA)? If you have bought or thinking about buying an apartment in India and can’t visit personally to take the possession, use PoA. For services of legal format drafting and vetting of legal documents, we are providing full support through our well connected legal help club.
It is specially drafted for India. As soon as the process is complete and the Indian Consulate has attested your power of attorney, you can send it to India. Again, be very careful and make sure to hand over a power of attorney to a trustworthy person. The attorney-in-fact must be a responsible and cautious person. A general power of attorney is usually a document that allows an agent to act on behalf of his principal on more than one matter.
There is no expiration date on a general power of attorney unless otherwise specified. On the other han the special power of attorney is created to give an agent power to complete a specific job. Now you don’t need to go searching for lawyer for this purpose. The builder will require a special power of attorney for the property purchase in India. You can confirm from the developer beforehand.
The NRI Home loans from government banks like SBI, PNB , or private banks like ICICI , HDFC require only general power of attorney. Statement of Need Certificates for Medical Doctors. Passport Related Services. Guidelines for individuals working in designated U. Edit PDF Files on the Go. Instant Downloa Mail Paper Copy or Hard Copy Delivery, Start and Order Now!
This document is mostly used in real estate transactions. Since you are allowing someone to act on your behalf, it is important that your representative be someone that you trust implicitly with your finances or other matters. Attorney should be a resident of India. Stamp Paper is purchased for the execution.
NRI – Once you get the POA atteste you would send it to India by mail or by hand (somebody carries it). Once registere the process is complete and legal and it is ready to be used. A power of attorney must be wisely created and given to a trustworthy person. The agent must also be very cautious before accepting a power of attorney.
Under Indiana law, a durable power of attorney must be in writing, signed and witnesse and becomes effective when the individual becomes incapacitated. It then lasts for the duration of the individual’s life. You will be benefited by the advantages of PoA.
This is also a reason even the Indian residents tend to use the power of attorney. People who have numerous properties, it becomes really difficult to be present everywhere to keep a check. In India , registration of POA is optional.
If power of attorney is given in respect of immovable property valuing more than INR 1it must be registered. Getting the POA registered authenticates the deed of power of attorney , so it is advisable to get a POA registered always. Step 1: The NRI needs to get the desired matter of the POA drafted and typed on non-judicial stamp paper of adequate value which is generally Rs 100. Registration of power of attorney is not compulsory.
For instance, if you have purchased an apartment or flat in India, and you can’t visit personally to take the possession or ownership of property. If an NRI is present in India , he could before going abroad execute the POA from India itself. The Power of attorney will be legally binding when it has been printed on judicial stamp paper or e-stamp paper and signed by each party, and has been dated. The value of the stamp paper would depend on the state in which it is executed. Each state in India has provisions in respect of the amount of stamp duty payable on a power of attorney.
There are two main steps to create a ‘Power of attorney’ that can be used for property registration in India: 1. Attestation of Power of attorney by Indian Embassy. Applicable only if you are outside India.