What Is The Power of Attorney And How To Make It?

Table Of Content

• What Is Power of Attorney?
• Is It Necessary To Register Power of Attorney?
• What are the different types of Power of Attorney?
• What documents are needed to register a Power of Attorney?
• How To Make Power Of Attorney?
• What is Power of Attorney 1882 act?
• Can a Power of Attorney sell property?
• Is Power of Attorney valid after death?
• CONCLUSION

In the end of life, there are some situations where you can not tackle them but to 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?

Although registration of Power of Attorney is not necessary but we highly recommend you to register the POA in order to increase the authenticity of this legal document. As per the Registration Act 1908 provides for the Power of Attorney 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 Power of Attorney 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 Power of Attorney 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 are issued when it is important and the motive of issuing them is to give agents the 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?

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 Power of Attorney 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 Power of Attorney:

• 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 a Stamp paper. Choose the Stamp Paper according to your requirements, can be of ₹100 or ₹500.
• Step 3: Get it Registered as there are some States where getting your Power of Attorney registration done is made compulsory. For offline mode you can visit any nearby sub- registrar office and in 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.

What is Power of Attorney 1882 act?

As according 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 Power of Attorney is a contractual document that grants someone the right to serve as another person’s legal representative on someone else’s behalf.

Can a Power of Attorney sell property?

Power of Attorney for sale of 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 their properties to the agent it gives a financial advantage to both the parties ( grant & agent).

The Power of Attorney registration is compulsory if it is related to transfer,sale,or buy of real estate in India. Generally, it takes a week’s time to get the Power of Attorney registered.

Is Power of Attorney valid after death? 

The validity of Power of Attorney 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 Power of Attorney 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 the market value of the subject property or the consideration value.Not all Indian states charge the same registration fees and stamp duties.The Power of Attorney stamp duty which is applicable mostly is Rs. 500.

CONCLUSION

It is much better to avoid the circumstances even before it occurs! This is the phrase that try to apply in their life, not all but what we can avoid that can be done priorly. By making Power of Attorney people can play safe in their lives.