How will the Power of Attorney perform an NRI?
Non-Resident Indians (NRI) who want to buy property in India can do so by performing power of attorney on behalf of a person who can complete the transaction, 3 bhk flat on rent in Kharghar.
What is the Power of Attorney?
Power of attorney (POA) or letter of attorney is a legal instrument that permits you, in your absence, to appoint one person or entity to handle your land, medical affairs, finances on your behalf. The one who authorises the other to act on behalf of him/her is named the principal or donor or grantor. The agent is the one authorised to act.
The designated agent may have either minimal or broad authority to make legal decisions on land, medical affairs, and finances, depending on the terms and conditions of the POA.
How to have an Attorney’s Power done?
The POA must be carried out at the sub-office, registrar’s which is under the jurisdiction of the person providing the authority. The POA should be accredited by the Indian consulate in that country if the person resides abroad and should be used within 3 months of the date of its execution.
POA can be enforced by two strategies by a person who stays abroad and wants to buy property in India:
Legalization: In this situation, the accredited agent of the Indian Embassy or Consulate should authenticate the signature of the judge or notary before whom the POA is executed. This POA must be stamped within 3 months of the date of receipt in India. When the paper is represented in India for registration, the stamp duty is paid. The stamp duty shall be paid according to Section 2(17) read in the Indian Stamp Act, 1899, Schedule-I.
Apostilization: Apostille is a certificate acknowledging and checking the person who authenticated the document’s signature or seal, and this must conform with Indian legislation such as the 1908 Indian Registration Act and the 1882 Power of Attorney Act. By way of an apostillisation process controlled by the Hague Convention, 1961, the POA executed outside India is proven.
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