What is Power of Attorney :-
In case the actual owner of the property is not able to travel during the transaction proceedings, a Power of Attorney (Mukhtiar) given by him mentioning as to who will represent him in the transactions going to take place. It should be done in a stamp paper Power of Attorney can be given by the owner who is alive and not able to make his presence due to illness, old age, job in abroad etc. Power of Attorney can be for (a) Transaction of property (b) Money transaction connected with banks. (c) Legal matters .for a person residing abroad can make a valid power of attorney only through the embassy concerned and for local persons the document is made in front of the registrar at the Registrar Office any where in India.
Latest rules of power of attorney
Power of attorney could be made in the name of a blood relative or wife on Rs 300/- stamp paper and signing in front of registrar. Due to unavailability of real heir, in case he/she is in abroad who can also be made on Rs 300/- stamp paper and get it signed and counter signed by the cousulate or embassy will be accepted. It also can be made in white paper from abroad and signed and counter signed by consulate or embassy will be accepted after adjudication here (on payment of Rs 300/-), In case of preparing power of attorney to one who has no blood relation, also has to buy stamp paper for the said amount (stamp paper cost for registration Minus 1%.) Eg: In panchayath area 7% of the total cost is the stamp paper expense for registration, Minus , 1% that is 7-1 =6 % For this amount stamp paper should buy to preparing the power of attorney .
POWER OF ATTORNEY
KNOW ALL MEN by this Power of Attorney that ; I _____ (Name & Address_)____ Aged _______ Years son of __________________ (Hous) __________ Place __________ village ____________ Taluk _______________ District _________________ do hereby appoint and constitute Mr___________________aged _______ years son of __________________ Place ________________ village _______________, Taluk _____________________, District ________________ , to be my Lawful attorney in my name and on my behalf to do any one or all of the following acts, deeds and thing namely :-
- To look after and manage the properties.
- To find out prospective purchasers for sale whole or any part of the said properties by advertisement of otherwise.
- To negotiate the sale, fix the price, enter into agrrements, execute the same, receiving consideration, discharge for the issuing valid receipts.
To apply for loan under the various schemes of ___(Bank Name ) ______ /or any other Bank or Financial Institution for such amount as the Attorney may deem fit and for that purpose to pay the processing fee and sign the loan application in my name and on my behalf and to furnish all the details and information required by the Bank and to give any statement letter, clarification or any other writing required or necessary for availing of the said loan from _______Bank_________ or any other Bank or financial Institutions and from time to time to follow up the said loan application and such other things and deeds as may be necessary in relation there to.
To request the Bank or agree with the Bank for any change or modification in the loan amount ; rate of interest, period of repayment of loan, or any other terms and conditions in relation to the loan at any time or form time to time.
To Mortgage on my behalf the below mentioned properties namely:
______Acres and _______Cent ( ______Hectare _______Acre______Square Meters) of garden land is SY.NO.___________ in _________Village , obtained by me as per sale deed No.____________ of the __________________sub registrar Office.
I also herby authorize and empower you as my lawful attorney for me and on my behalf to negotiate on terms and sell the aforesaid properties in full or in separate parts to any purchaser or purchasers at such price as may be agreed upon and which in your absolute discretion think fit and proper and to agree upon and to enter into any agreement for the same and to receive consideration from the purchaser or purchasers and to execute in my name and on my behalf and as my act and deed necessary for proper conveyance of the said properties in favour of the purchaser or purchasers.
I hereby agree that all the acts, deeds and things lawfully done by the said Attorney shall be constructed as acts, deeds things done by me and I undertake to ratify and confirm all and what so ever that my said Attorney shall lawfully do or casue to be done by virture of the power hereby given.
This Power of Attorney is prepared in Building No.___________ of Ward ______, _________________Grama Panchayath and to Register this Power of Attorney before the sub Registrar Office, _______________________.
IN WITNESS WHERE OF, I ______________________ have hereto affixed my signature to this deed on the _________ day of _______2005, in the presence of the following witnesses.
(Name ) : ____________________
WITNESSES : (1) Name & :______________________
Computer typing: Corrections : _____
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