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Do I have any cause of concern in purchasing a floor in Faridabad
19-Sep-2023 (In Property Law)
The seller and his brother have a land with 2 floors built on it. Ground and first. One of them want to sell ground floor. He said that the two brothers have mutual agreement for separate floors. He told that registry cant be done floor wise. So, he is doing GPA from Noida in my name. Is there something to worry about? After having GPA in my name, can I sell it to someone by GPA? GPA registered in Noida of faridabad property is the main cause of worry. Please help. Thank You
A general power of attorney is one by which an instrument is executed by the principal authorising the agent to do certain acts in general on his behalf. The word ‘General’ here means that the power must be general regarding the subject matter and not general with regard to powers in respect of a subject matter. If the subject matter is not general but restricted to something either specific or specifically mentioned by the principal while drafting an instrument then it will not constitute a general power of attorney. It is otherwise called as limited power of attorney. The person wanting to sell grants a GPA to the buyer. Typically, the buyer will insist that the GPA must be 'irrevocable', since he wants to ensure that the seller does not renege on the deal after the money has been paid. He will also insist on a will and perhaps even on all legal heirs of the seller submitting affidavits revoking their claim to the property. The GPA also specifies that he has the right to sell the property when it is saleable or transfer it to anybody else at his discretion. Typically, the right to get the property converted to free-hold is also specified in the GPA.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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