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How to handle sale of plot in outskirts of chennai
26-May-2023 (In Property Law)
planning to sell a plot of residential plot measuring 2940 sqft in Mangadu. One builder who is interested wants to buy under power of attorney. Since I do not want any joint venture approach, is it legally acceptable to sell under POA? Is ownership transferred to the person buying under power of attorney immediately on my receiving the consideration and registration? I am personally interested to make a direct sale to the party so that the ownership is immediately transferred upon registration. Your advice please.
Sir,
Generally POA will be given to a person, if you are leaving out of state or due to over work and unable to execute the sale. In POA , you can give power with/without consideration, POA obtains power from you without consideration he is liable to settle the accounts of sale. If you don't want to give Power to anybody then it is good.
Generally POA will be given to a person, if you are leaving out of state or due to over work and unable to execute the sale. In POA , you can give power with/without consideration, POA obtains power from you without consideration he is liable to settle the accounts of sale. If you don't want to give Power to anybody then it is good.
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Adv. B. Thirunavukkarasu
Chennai | 100+ Answers
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Hello,
A property is not deemed to be sold under a power of attorney. A power to attorney only gives authority to the builder to do the acts as per the poa.
However many builders will use the poa approach for financial reasons (lesser stamp duty). If you going in the power of attorney route, please make sure that you have your poa vetted by an advocate.
If you want to outright sell your land, just find another builder that is willing to buy your land.
Regards,
Aditya.
A property is not deemed to be sold under a power of attorney. A power to attorney only gives authority to the builder to do the acts as per the poa.
However many builders will use the poa approach for financial reasons (lesser stamp duty). If you going in the power of attorney route, please make sure that you have your poa vetted by an advocate.
If you want to outright sell your land, just find another builder that is willing to buy your land.
Regards,
Aditya.
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