Can Power of Attorney Sell the Property?
When it comes to buying or selling a property, a power of attorney is not a valid instrument to transfer property titles. However, due to the financial benefits it provides to both the buyer and the seller, selling a property through a general power of attorney has become common practice in Indian cities.
A power of attorney is a legal document that gives one person (the principal) the authority to appoint another person (the attorney-in-fact) to act on their behalf. The attorney-in-fact is then able to make decisions and take actions that are legally binding on the principal. This can include signing documents, making financial transactions, and selling or buying property.
When it comes to selling a property, the power of attorney document must be registered with the local land registration office. This is done to ensure that the attorney-in-fact is legally authorized to act on behalf of the principal. Once the document is registered, the attorney-in-fact can then legally sell the property on behalf of the principal.
The advantages of selling a property through a power of attorney are numerous. For one, it can be a much faster process than selling through a real estate agent. It also allows the seller to avoid the hassle of dealing with multiple buyers and negotiating the best price. Furthermore, it can be a cost-effective way to sell a property, as the attorney-in-fact can often negotiate a better price than a real estate agent.
However, there are some drawbacks to selling a property through a power of attorney. Firstly, it is important to ensure that the attorney-in-fact is trustworthy and reliable. Secondly, it is important to make sure that the power of attorney document is legally valid and registered with the local land registration office. Finally, it is important to remember that the power of attorney document does not give the attorney-in-fact the right to make decisions on behalf of the principal.
In conclusion, selling a property through a power of attorney can be a convenient and cost-effective way to sell a property. However, it is important to ensure that the attorney-in-fact is trustworthy and reliable, and that the power of attorney document is legally valid and registered with the local land registration office.
