1) POA subsists only during grand mother lifetime
2) on her death POA ceases
3) you can sell the property only during grand mother lifetime
4)it is better your grand mother execute gift deed in your favour have it duly stamped and regsitered
Power of Attorney: what power does it hold
Dear Lawyers, Happy to see a good forum here! A person like me can learn a lot. My question is: My Grandmother is willing to give a property's power of attorney which is 5000 sq ft located in Raipur, I would be only getting power if attorney of 2500 sq ft. Reason for POA: - To save registration cost. - To give me faith that this property is yours even after we are gone. - That I can sell the property whenever I want to anyone or take loan against it or rent it etc. Please guide me on how to go about it. Where should I get the POA prepared and which precautions you would guide me to take. Since there is a major trust issue at my home presently I don't want to get into mess, because this will be the only family property coming to me, I look my future with this. (Registration is not possible due to the lack of funds now. ) Many Thanks in advance.
Asked 8 years ago in Property Law
Religion: Hindu
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4 Answers
1. It is not clear whether your grand mother has other sons and daughters as well except your father.
2. This is so because the POA remains in force only during the life time if the person which gives POA. So once your grandmother dies POA comes to an end and her other sons and daughters becomes its sahre holder in equal shares.
3. However you can sell the proeprty during the lifetime of your grandmother.
4. Gift deed is best option .You can also get a Will in your name though the same can be disputed by other legal heirs after death of your grandmother.
So get a POA , sell the proeprty immediately and reinvest the sale proceed in other proeprty.
POA is valid only till the life time of the executor (In this case your grandmother) after her death or demise the POA become invalid.
POA gives you unlimited powers, during the life time of the executor, such as sale of your extent of 2500 sq ft., either into your name or any third parties name, creating a mortgage, charge or lien in and over the property if authorized can be undertaken. All of these acts can be done only till the life time of the executor of the POA.
Getting a POA drawn with limited or unlimited powers is possible, for this contact an Advocate well versed with drafting and conveyancing who can prepare a POA to fit your requirements.
You have been misguided about the subject by somebody that you are going in a wrong direction.
The POA will not confer any title on you over the property.
You cannot become owner of the property through power of attorney deed.
Alternately you may get a registered settlement deed in your favor.
The POA deed is invalid after the death of the principal.
The legal heirs of the principal shall be entitled to a share equally in the property given under POA after the death of the principal.
Do not ever go for acquiring property by power of attorney because supreme court itself has declared it as illegal to acquire the property through such mode.
You can get a registered gift deed in your favor as an alternate mode of transfer.
