sale of house on Poa
P K SAHOO
(Querist) 15 January 2015
This query is : Resolved
Dear team
the land owner has give regd power of attrony to builder for sell the house. The purchaser have applied for loan in bank to purchase house. But question who will recived the sell amount either power attr holder or land owner .sec ondly who will sign in sale deed ie land owner or poa. Poa is valid for feb15.kindly clarify. How will bank finanace
Devajyoti Barman
(Expert) 16 January 2015
The POA Holder will receive the consideration money but on behalf of the landowner and the POA holder will sign the deed as well his behalf of owner also.
Anirudh
(Expert) 16 January 2015
Dear Mr. Sahoo,
Your query is very valid. But answer cannot be given without completely going through the arrangement between the Land owner and the builder.
This is because, in many cases, the builder is not the owner of the land. However since he is constructing the building on the land owned by the land owner, the land owner instead of giving him the cost of construction, agrees to give a portion of the undivided and impartible land underneath the building to the builder. Thus, the land owner gets some share in the built up portion (say a specified number of flats) and the builder retains certain built up flats with himself.
The land owner gives a Regd. power of attorney to the builder to (i) enter into the AGREEMENT TO SELL (not sale deed) with the prospective buyers (in respect of the flats that will fall to the share of the builder) or (ii) for all the flats (i.e. including the flat that shall fall to the share of the land owner).
Thereafter when the actual sale deed is executed there are two methods: (a) the land owner will sign the sale deed for the land portion and the builder will also sign the same as confirming party which will relate to the built up portion and (b) the land owner gives Registered power of attorney to the builder to execute the sale deed on his behalf (this rarely happens). Whenever any registered POA is given no outer limit or validity of the POA is fixed. But you say that the POA is valid upto Feb.2015.
So, you have to necessarily show the papers / documents to the lawyer well versed in property matters in your area, and then take a decision. It is not possible to give any view without looking at the documents and the contents thereof.
Rajendra K Goyal
(Expert) 16 January 2015
All the documents (agreement, POA etc.) need to be referred, consult local lawyer.
ajay sethi
(Expert) 16 January 2015
agree with Mr anirudh
T. Kalaiselvan, Advocate
(Expert) 19 January 2015
Agreed with the views of expert Mr. Anirudh, you may take a proper opinion by producing the papers before a local lawyer and proceed as per his advise.
Dr J C Vashista
(Expert) 22 January 2015
Very well advised by experts, I agree.
