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1. #Conveyance of real property power of attorney generator#
2. #Conveyance of real property power of attorney registration#

#Conveyance of real property power of attorney registration#

"The Registration Act,1908, mandates that any immovable property must be compulsorily registered else it will be illegal. The four statutes that govern the PoA law in India are - Indian Contract Act, 1972, Power of Attorney Act, 1882, Registration Act, 1908 and Indian Stamp Act, 1899 (and the corresponding state Acts). "In order to side-step the system, many landowners sell their land without paying the conversion charges through PoAs," says lawyer Saravpreet Singh of the Punjab and Haryana High Court. Lawfully, agricultural land can't be sold for residential use without converting its land use. "This often led to massive revenue loss for the government and increased litigation as one property was being sold multiple times to different people," says partner of Khaitan and Co. The top court has also ruled that sales conducted under a GPA are not protected by the law and property can be lawfully transferred only through registered sale deeds. As a result, if you buy a property from someone who has a PoA the previous owner will still be considered the titleholder. However, the Supreme Court ruled in 2019 that property transfers made through a PoA are not valid.

However, due to the financial benefits it provides to both the buyer and the seller, selling a property through a PoA has become a common practice in Indian cities. Thus, PoAs are commonly exploited in the real estate sector, especially to park black money, brokers say.

To circumvent the system, such properties are often sold through PoAs only. In the case of subsidized housing provided by government agencies, the law mandates a lock-in period of 3 to 5 years under which the property can't be sold. In the final step, the seller bequeaths his property to the buyer through a Will. After this, the seller creates an irrevocable PoA, putting the buyer in absolute charge of managing the property.

#Conveyance of real property power of attorney generator#

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