• Legal value of power attorney

Sir I m planning to buy builder floor which is in collaboration with plot owner . Plot owner has given power of attorney ( GPA , SPA) which is registered at Uttarakhand for building floors and to sell one floor to prospective buyer . Owner will have ground and second floor . Is it safe or legal to buy that floor or I need further document to make it safe or for taking loan. Builder has 
GPA
SPA
Agreement to sell 
Deed of agreement 
Possession letter
Deed of will
Collaboration agreement 
Can builder sign the registry ? Will bank will give loan ?
Asked in Property Law from Ghaziabad, Uttar Pradesh
Religion: Hindu
If builder has entered into collaboration agreement or development agreement with land owner and registered POA has been executed in his favour you can purchase first floor from
Builder 

2) contact a local lawyer and check whether title is clear and marketable 
Ajay Sethi
Advocate, Mumbai
28587 Answers
1551 Consultations

5.0 on 5.0

First of all remember that the builder will be selling the property in the capacity of the GPA only on behalf of the original owner and the understanding between them in this regard is not your problem.
As far as you are concerned you are buying a new property from a seller who has a marketable title to sell the property. 
Hence it is important to scrutinise the title documents as well as the title link documents including the encumbrance certificate, mutation records issued by the land revenue department, building plan, layout approval plan, completion certificate, any other relevant documents.  After obtaining copy of all these documents, the most important thing that you should do is to get a legal opinion from a local experienced lawyer before making payment.
Based on the opinion you may proceed with the purchase.
T Kalaiselvan
Advocate, Vellore
18770 Answers
176 Consultations

5.0 on 5.0

Builder can sell the floor on the basis of GPA executed in his favour by the owner. You should conduct due diligence through your lawyer before purchasing the property to ensure that the title is free and marketable. 
Ashish Davessar
Advocate, Jaipur
19896 Answers
521 Consultations

5.0 on 5.0

Dear Querist
Based on the Power of Attorney the bulder has all rights to sell, purchased, transfer, will, gift or mortgage the property(if specifically not mention in the POA/SPA)

the property can be purchased by builder but before that read the Power of Attorney carefully and take the help of the lawyer if you are unable to understand the lagal terms.

Loan is sole discretion of bank, it may be possible, it may not be possible.

Feel Free to call
Nadeem Qureshi
Advocate, New Delhi
3997 Answers
159 Consultations

4.9 on 5.0

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