A general power of attorney is having an advantage when you are traveling or living abroad. It gives authority to the person to whom you wish to transfer the power. You can register for a power of Attorney in Delhi with the help of legal experts in Legaltax In this content, you will understand the General Power of Attorney, its responsibilities, and all about the registration process.
General Power Of Attorney In Delhi Introduction
A Power of attorney is simply a transfer of authority from one person to another, who then acts as its agent. Between them, there is a principal-agent relationship. Since the principal is only giving additional powers to the lawyer through a legal document, the principal ultimately takes control of his affairs.
What is The Power of Attorney?
A Power of Attorney (POA) is a legal document that enables you to choose someone to handle your assets. A POA may be willing to conduct various financial transactions through a third party. The person who gives permission to do financial transactions is known as the principal and the person who is given permission to do so is known as the attorney or agent. Generally, people make POA when they are unable to physically participate in the property transaction or are unable to stay there. The three main categories of PoA are General PoA, Special PoA, and Durable PoA.
Registration of Power of Attorney in Delhi
Blood relatives, you can make power of attorney in Delhi using stamp paper. For blood relatives, it costs around Rs 100. For others, you will need to pay stamp duty equal to the cost of the sale deed and get it registered there. There is no need to register the power of attorney at any sub-registrar office in your jurisdiction unless the power of attorney requires a transfer of property rights. the power of attorney shall be deemed valid by a simple notarization. Power of Attorney is a straightforward yet effective document that enables you to streamline your affairs by giving another person the authority to make decisions on your behalf that would otherwise require your direct involvement.
Validity of POA
POAs cease to exist when the functions the attorney has been permitted to perform have been terminated by him, when the principal revokes it, or when the principal becomes incapacitated. Of course, if the principal is incapacitated, the permanent POA remains in effect.
Different Types Of Power Of Attorney
Special Power of Attorney
A special power of attorney is used to grant the attorney a specific power or to perform a specific task, such as selling real estate, taking possession of an apartment or flat, submitting paperwork for registration, or subpoenaing a property. To appear before the Registrar. A sale deed, gift deed, lease deed, or another registered document. It may also be required when a management or authorized signatory signs a document on behalf of a corporation.
General Power of Attorney
A General Power of Attorney, also known as a GPA, empowers the holder to perform all actions that may be related to and fulfill the subject matter of the document, such as managing property and paying taxes. , collecting rent, producing documents for registration in the office of the sub-registrar, filing cases and cases, and appearing before district and high courts, among other things.
Durable Power of Attorney
A Durable Power of Attorney (POA) enables the attorney to act on behalf of the principal even if the principal is unable or unfit to do so. Keep in mind that the principal preparing the POA must be of good moral character and must be above 18 years of age at the time of signing the POA. A power of attorney for property can be granted for many things, including letting the property out, managing a bank account, obtaining ownership of an apartment from the builder, appearing in court, and filing deeds like sale deeds, relinquishment, and execution is involved. Deeds, gift deeds, lease agreements, deeds of partition, mortgages, settlements, and agreements, among other things.
Cancelation of Power of Attorney
If the document does not state the circumstances for revocation and is not irrevocable, it can still be canceled by signing a document canceling it and publishing a notice in the newspaper announcing the cancellation of the power of attorney instrument. The attorney will also get a duplicate of the paperwork to tell him of his cancellation. A registered deed of cancellation may also be used to revoke a registered power of attorney. The lawyer should receive notification of the cancellation through email.
Transfer of Property
A POA is not a deed of conveyance. It only grants the attorney the authority to transfer property on the principal’s behalf. Therefore, even after the transfer has occurred, the buyer and seller (through the attorney) must still register a sale, gift exchange, or succession certificate at the SRO. After doing this, the purchaser collects legal ownership of the subject property.
Create POA Online With Legaltax
A PoA should be drafted by the lawyer in a short time. It should be made with the presence of a notary public and two witnesses. For registration, PoA is charged under section 48 of the 1 schedule of the Indian Stamp Act in 1899. The stamp duty is charged Rs.100 for the general PoA.
People who have power of attorney, they have peace of mind and also control of unforeseen situations. This legal document enables a person to designate an agent to handle their financial and medical matters if they are unable to do it for themselves.