What is power of attorney for property?

A property power of attorney is an essential legal document that enables you to choose someone to act on your behalf in situations pertaining to your property. POA guarantees your interests are protected, whether you are overseeing a real estate transaction, assigning duties, or making sure everything runs smoothly while you are away. I have shared more information about what is power of attorney property below for your reference.

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What is Power of Attorney for Land?

PoA is a legal document that grants an individual (the agent or attorney) the authority to act on behalf of another person (the principal) regarding property-related matters. It is used when the property owner cannot be physically present to manage transactions like buying, selling, leasing, or handling legal affairs.

Types of Power of Attorney for Property

1. General Power of Attorney (GPA): This gives broad powers to the agent to manage all property-related tasks on behalf of the principal. However, GPA does not transfer ownership rights.

2. Special Power of Attorney (SPA): This grants limited authority for a specific task, such as selling or leasing a particular property.

3. Durable Power of Attorney: It remains valid even if the principal becomes incapacitated.

4. Non-Durable Power of Attorney: It is valid only as long as the principal can decide.

You must register a PoA dealing with the sale of immovable property with the Sub-Registrar’s office under the Indian Registration Act, 1908. For general property-related transactions, notarization is sufficient.

Importance of Power of Attorney

Here are few importance of having POA.

1. Helpful for NRIs, senior citizens, or individuals living abroad.

2. Ensures smooth property management without physical presence.

3. Must be carefully drafted to prevent misuse.

I hope you understand what is power of attorney in land.

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Difference Between General and Special Power of Attorney

A Power of attorney is a legal document signed between a principal and agent. The power of attorney is signed to give special powers to the agent to make decisions on property matters on behalf of the principal in his/her absence or in the event where the principal is unable to make a decision. Principal is the one who gives the power to the agent to make decisions. Whereas an agent is the chosen party who can make decisions as per the clauses of PoA. I hope this narrowly clarifies what is power of attorney for property.

Let us have a look at the information included in the power of attorney for property.

Usually, POA holds information about assets and property held by the principal. This can include:

• Immovable property

• Bank accounts 

• Stocks

Now that we know power of attorney for property meaning, here are a few instances when an agent can execute the power of attorney.

• When the principal lives abroad

• When the principal is Is ill or bedridden

• When the principal is a senior citizen with serious health concerns

To make power of attorney, the principal has to either hire a lawyer or he/she can draft the PoA themselves and get it notarized to avoid any conflicts.