At the end of life, there are some situations where you can not tackle them but face them. Suppose, there is a person who is not in a position to visit his native place and there is a part of their asset, property, or anything business that can not be left idle and has to be taken care off then they use this Power of Attorney so that in their absences there is a person is taking care of everything.
What Is Power of Attorney?
The Power of Attorney (also referred as POA) is a written legally binding document in which a chosen individual has the authority to act on behalf of another. The principal’s property, finances, investments, and medical care may be subject to the agent’s decision-making, which may be given broad or limited discretion. The Powers of Attorney Act of 1882 governs powers of attorney (PoAs).
Is it necessary to Register Power of Attorney (POA)?
Although registration of a POA is not necessary but we recommend you to register POA in order to increase its authenticity. Registration Act 1908 provides for the POA that should be registered under section 32(c) of the Act.
What are the different types of Power of Attorney?
There are mainly two types of POA in India:
General Power of Attorney (GPA)
Here the individual is authorized with various powers to hold such finance, property-related power, and more. This only applies to a particular duty and lasts for a defined period of time. General POA is irreversible and the Right owner should agree with all actions taken by the grant.
Special Power Of Attorney (SPoA)
A special Power of Attorney (SPoA) is a written matter that grants the agent the right to make decisions on behalf of the principal in the event that the principal is unable to do so himself. Special Power of Attorney is issued when it is important and the motive of issuing them is to give agents access to one specific power of the grant. SPoA is irreversible and the Right owner should agree with all actions taken by the grant.
The owner can cancel the PoA anytime if it has not come into power, if the agent has started to use the power then after the completion of the tenure period only it can come to an end.
What Documents are needed to Register a Power of Attorney in India?
Identification documentation for the witness, the principal person, the agent, and others (Aadhaar Card, Voter ID card, Driving License, etc.)
- Proof of the parties’ addresses.
- PAN CARD
- Aadhaar card
- Original Id proof and address proof to display before the registrar.
- Deed/Document to be registered
How To Make Power Of Attorney?
If you are searching online means to do it then there are ample of professional websites where you can get your POA made easily but it’s up to you what means you choose online or offline. Now let’s buckle into to know what is the basic Steps you need to know while drafting POA:
- Step 1: Get your draft for POA made. The written matter that has to be printed on the Document.
- Step 2: Get it printed Out on Stamp paper. Choose the Stamp Paper according to your requirements, which can be ₹100 or ₹500.
- Step 3: Get it Registered as there are some States where getting your POA registration done is made compulsory. For offline mode, you can visit any nearby sub-registrar office and Online you can search through the trustable sites which are easy to get.
Well, that’s done you are good to go!
On the other side, To know how to terminate Power of Attorney, you can go through our detailed blog to know the process of POA termination.
Is POA valid after death?
The validity of POA after death is null and void. It is termed as cancellation of Power of Attorney if the owner is dead. The nature of this is revocable, if the grant or principle has any kind of reason to discard the POA then it can be canceled at that very point. The validity is also until the intention of the POA is fulfilled.
If the General Power of Attorney (GPA) is granted to someone other than a close relative for compensation, stamp duty will be assessed based on the greater of market value of the subject property or the consideration value. Not all Indian states charge the same registration fees and stamp duties. The POA stamp duty which is applicable mostly is Rs. 500.
Can a POA sell property?
POA for the sale of the property is a difficult task. When buying or selling a property, a Power of Attorney is not a legal document to transfer property titles. Though GPOA has become a regular practice in India to sell properties to the agent it gives a financial advantage to both parties (grant & agent).
The POA registration is compulsory if it is related to the transfer, sale, or buying of real estate in India. Generally, it takes a week’s time to get the Power of Attorney registered.
What is Power of Attorney 1882 Act?
According to Section 1A, the Powers of Attorney Act of 1882 (POA Act) is a document that appoints someone to act as the principal’s agent. In other words, a POA is a contractual document that grants someone the right to serve as another person’s legal representative on someone else’s behalf.
It is much better to avoid the circumstances even before it occurs! This is the phrase that tries to apply in their life, not all but what we can avoid that can be done priorly by making POA people can play safe in their lives.
Frequently Asked Questions (FAQs)
Yes, a POA can be revoked by the principal at any time, as long as they are mentally competent. This can be done by a written document, signed and notarized, indicating the revocation of the POA.
A POA can be used by anyone who wants to grant someone else the authority to act on their behalf, regardless of age or health status. It is useful for those who travel frequently, have mobility issues, or want to have someone trusted who can manage their affairs in their absence.
A POA can be challenged in court if there are any concerns about its validity, such as if the principal was not of sound mind when signing the document or if there is evidence of fraud or coercion.