AKSHAY KSHIRSAGAR
Everything you need to know about Power of Attorney
By Adv Akshay Kshirsagar on 11th October 2021 4.00 pm
Power of Attorney is a document used by an individual to delegate his rights or authority to an agent in the matter when that individual is unable to perform an transaction because of his unavailability or temporary or permanent illness.
What is Power of Attorney ?
In the modern era of technological and scientific advancements it can be actively determined that human beings are more busy in their lives because of this they don’t find any time for their personal important works this is the reason why they enter into agreement and contracts to get their job done by other persons on their behalf. This delegation of power is the Power of Attorney.
The very concept of POA is specifically defined in Powers of Attorney Act, 1882. A power of attorney (POA) form is a legal document that allows an individual to appoint someone as an “agent” to manage their affairs if they are unable to do the same for some reason. The agent may be given all or limited power/authority to make decisions about the principal’s property, finances, investments, or medical care depend on the circumstances.
Need of Power of Attorney
Power of Attorney is mostly used where the individual is not an expert in the matter or he is unable to manage time may be due to temporary or permanent illness.
You should select someone you trust to serve as your agent. Unless you specify otherwise, generally the agent’s authority will continue until you die or revoke the power of attorney or the agent resigns or is unable to act for you.
A wants to sell his property for some good reasons but he don’t have enough time to engage in business or property transaction. For this work to be done you can appoint an agent X in order to perform the transaction in your absence. Here X by any legal means in good faith will possess the rights over the property similarly as A and can engage in the transaction but restricted to actions necessary assigned by the principal A on his behalf in return of good consideration or without consideration.
So, basically this is also how Power of Attorney (POA) works, initially it is given by the principle or the grantor orally or on papers as required to the agents generating similar rights over the property as the owner has in order to initiate the required work.
Types of Power of Attorney
Further, POA can be categorized into four sections;
General Power
A general power of attorney allows the agent to act on behalf of the principal in any general matters matters, as allowed by state laws. The agent under such an agreement may be authorized to handle bank accounts, sign checks, sell property, manage assets, and file taxes for the principal.
Limited Powers
A limited power of attorney gives the agent the power to act on behalf of the principal in certain matters or events only as directed by principal.
Durable Power of Attorney (DPOA)
A durable power of attorney gives the agent the power to act on behalf of the principal even after after the principal becomes incapacitated
Springing Durable Power of Attorney
In some states, a “springing” power of attorney is available and becomes effective when a specified event occurs such as when the principal becomes incapacitated.
Procedure to register Power of Attorney
To register Power of Attorney following steps should be Undertaken:
1. Draft the legal document of POA specifying general or specific.
2. Selection of date of registration and it’s confirmation with Sub- registrar.
3. Payment of stamp fees and procurement of stamp paper for POA registration as required by Indian Stamp Act, 1899.
4. On the authorized or given date Attorney giver and agent must go to the sub-registrar office with two witnesses and with their identity proofs.
5. Once the verification process will be completed by the registrar, he will sign the document and the same is also required to be authenticated by both the parties after getting its contents cleared.
6. Attesting of POA should be done by both the witnesses.
Power of Attorney templates
POWER OF ATTORNEY FOR LEAVE AND LICENSE AGREEMENT
This special power of Attorney is made and executed at Pune on this ………. day of June in the year 2022
WHEREAS we ——————— and ———————— jointly own the property mentioned in the ‘SCHEDULE OF PROPERTY’ (hereinafter referred to as “the Property”),
AND WHEREAS we are currently residing at: —————————————————————–
AND WHEREAS we are, unable to execute, manage and look after my interest and affairs of the Property;
NOW, THEREFORE, KNOW ALL MEN BY THESE PRESENTS that WE,
————————————- Age: 31 years, Occupation: Service, Address: —————————————-, Pan No: ————————-
———————————– Age: 30 years, Occupation: Service, Address: ———————————————-, Pan No: ———————-
DO HEREBY APPOINT AND CONSTITUTE ON MY BEHALF MY RELATIVE
Mr. ————————-, age — years, Occupation: —————– Address: ——————————————————- Pan No ———————— as my true and lawful ATTORNEY in my name and on my behalf to do and execute any of the following acts, matters and things hereinafter stated, that is to say,
1. To purchase the stamp, make, sign, execute and admit the execution of leave and license agreement and to appear before the sub registrar for the registration of the leave and license agreement of the aforesaid property. Enter, view and inspect the Property by giving reasonable notice to Licensee/s.
2. To cancel and / or revoke the Leave and License Agreement, by giving notice in writing of one month/two months to the Licensee/s.
3. Collect License Fees, Rent and Deposit from the Licensee/s as and when required in accordance with Leave and License Agreement and to do all other acts and things required to be done incidental to the powers hereinbefore contained.
4. To pay maintenance charges to society and attend society meetings.
5. To effect and carry out necessary repairs in the said property as and when may be desired, and for this purpose obtain all the necessary permissions and/or sanctions, necessary from any appropriate authority.
6. To pay all the taxes, Municipal levies and other taxes, which may be, required to be paid.
7. This power of attorney is without any consideration.
Provided that the said attorney shall not sell or transfer the ownership of the property to any person. Provided further that the said attorney shall keep true accounts of all activities performed by virtue of this power of attorney.
SCHEDULE OF PROPERTY
(Being the correct description of premise Apartment/Flat which is the subject matter of these presents)
All that constructed portion being Residential unit bearing Apartment/Flat No. ——– Carpet:———- Square Feet, situated on the ————————–known as ‘——————-’ standing on the plot of land bearing Survey Number: —————-, Road: ———————Location: ————-, of Village: Lohegaon, situated within the revenue limits of Tehsil Haveli and District Pune and situated within the limits of ————Municipal Corporation.
Name, Sign, Thumb and Photograph Impression of Donor/s
Name: —————————
Signature Thumb Impression Photograph
Name: —————————-
Signature Thumb Impression Photograph
Name, Sign, Thumb and Photograph Impression of Donee/s
Name: ———————-
Signature Thumb Impression Photograph
1st Witness 2nd Witness
Sign: Sign:
Name: Name:
Add: Add: