shrikant (partner) 02 June 2011

doubts on power of attorney ??

THIS IS A QUIRE RELATED TO MY REAL ESTATE BUSINESS, WE (ME, MY DAD, MY BOTHER ) HAVE TAKEN A 2 ACRE OF LAND FOR DEVELOPMENT FROM THE LANDLORD ON 40:60 RATIO. FOR THIS WE HAVE DONE THE DEVELOPMENT AGREEMENT AND LSO GOT THE POWER OF ATTORNEY ON ALL 3 OF US NAME.

WE ARE BUILDING RESIDENTIAL FLATS ON THAT LAND. KNOW SINCE WE HAVE FORMED A PARTHERSHIP FIRM IN THE NAME OF SHRI TIRUPATI REALTY, CAN THIS POWER OF ATTORNEY WHICH IS ON OUR INDIVIDUAL NAMES, B VALID IF FOR THE REGISTRATION AND TAKE PAYMENT IN THE FIRM NAME. AS WE ARE FACING PROBLEM WITH THE BANK FOR PROVIDING HOME LOANS TO THE CLIENTS AS BANK SAYS THAT PAYMENT AS TO GO TO OUR INDIVIDUAL NAMES N NOT TO THE FIRM. AS WITH THE FIRM NAME A 3RD PARTY COMES INTO PICTURE. WHT I SAID IS THIS 3RD PARTY " SHRI TIRUPATI REALTY" BELONGS TO THE SAME 3 PERSON WHO HAS THE POWER OF ATTORNEY. PLA HELP WITH A RIGHT SOLUTION

PLZ DO GIVE ME A WAY OUT

REGARDS

SHRIKANT ADEP

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3 Replies

SUJIT S BHALEKAR (Sr. MANAGER-LEGAL) 03 June 2011

HI,

To my opinion, you can execute a CONFIRMATION DEED signed by 3 parties, whereby confirmnig that the property assign to your partnership firm. Nonethless, i do not find any objections/concern as regard to the individual property being developed by firm so long as all the individual are the owners/partners in the firm. So far bank's requirement, you can give the required affidavit-cum-indemnity bond (if require) of all the 3 deponents/partners for availing of the loan facility.

Regards,

Sujit S. Bhalekar

kosigi rama murthy (self employed) 03 June 2011

It is true that Partnership firm is different from individuals as far this property is concern. All the individual partners as PA holders have a right to execute a legitimate sale deed and pass on the right to the proposed purchaser of flat. As far as Bank transaction is concern You need to exeucte a notarised affidavite declaring the activity carried on by the firm on behalf of the individual property owners. Alternately you may enter into an agreement with the firm in individual capacity for construction of flat, through which a linkage is creaated for the whole transaction.

K Rama Murthy

Advocate

prasanta kumar parida (sr. consultant) 03 June 2011

you 3 power of attorney holder can collect money from the prospective purchasers of the flats constructed by you. then deposit the same in the account of the firm, because the firm is not the power of attorney holder& there may be legal problem.