Joint ownership property sale
I own a 2 Bed room flat in Pune where my parents currently live. The title for the property lists both me and my father as owners. I have been in the US since 2006, the property was purchased using a home loan in my name for which a power of attorney was given to my father. I would send money home for family maintenance, a part of which was used towards the loan installment. My parents had some FDs that matured and we ended up closing the loan fairly quickly.
My parents now wish to sell this property and buy a different flat. I have no issues with this. Furthermore, I would prefer that all proceeds of the sale of this property accrue solely to them and have them decide what to do with the money. I have already given a NOC (notarized in the state of California) to this effect.
1) Can my parents sell the flat without my presence?
2) In case of joint ownership, and with my NOC, is a Power of Attorney still required? The PoA process seems requires notarization, apostilling and then getting a stamp from the Indian consulate. I would prefer to avoid this, but if that is the only way out, I can go ahead with it.
3) While purchasing the property and applying for the loan, my parents sent me an executed PoA and I just signed it and notarized it and couriered it back. Is it possible to do the same now?
PS: This is not just a case of saving taxes. I have a comfortable life here in the US and do not intend to ever repatriate the proceeds. I have suggested that my parents hand down their estate to my sister. My intention is to make the process as smooth as possible for them
Asked 4 years ago in Property Law