Can Seller & buyer be the same in a Sale Deed?

Querist : Anonymous (Querist) 25 December 2010 This query is : Resolved
There are 15 nos. brothers of which 3 nos. own a piece of land, 7 nos. own another & 5 nos. own the third piece of land. The lands are adjoining. They first gave Constituted Power of Attorney to one Mr. Sing & another Mrs. Sing (wife of Mr.Sing) for signing any document for developing their land, sale etc. After that they entered in to a Development agreement with a partnership Company of which Mr. & Mrs Singh are the only two partners. I had put this question to LCI whether the power of attorney holder of seller can also be the partners of the same company & was informed by the learned Experts that there is no problem. But a development has taken place after that. The land owners have taken money & signed a declaration by which they have sold their shares to the Partnership Company owned by the two POA holders. They have not made any sale deed to avoid stamp duty. Now Banks are telling that there should be a Sale Deed in favour of the Partnership Company (Builder) for getting loan for construction of flats. The owners have left the City & moved to distance places after taking money. They can not be arranged for signing a Sale Deed now. My question is
(1) Can one of the Constituted Power of Attorney holder, Mr. Sing, sign for the land owners as for vendors/sellers & another POA holder of the same land owners, Mrs. Sing, sign for the buying company as a Partner?
(2) Can the Banks refuse to lend money based on the declaration of sale & demand for sale deed?
(3) What should be other requirements in this case?
(4) Can even a very sketchy draft of the said proposed Sale Deed be given by anybody? If it is possible sirs.
Thank you in anticipation sirs.

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A V Vishal (Expert) 25 December 2010
(1) Can one of the Constituted Power of Attorney holder, Mr. Sing, sign for the land owners as for vendors/sellers & another POA holder of the same land owners, Mrs. Sing, sign for the buying company as a Partner?

Ans. Technically the POA holders are separate entity when compared to that as partners in the partnership firm, the land is sold to the firm and registered in the firm's name irrespective of the fact that the POA holders are partners in the firm. So the firm must authorise any of the partners by way of a resolution to act on behalf of it for completion of the due process of registration.

(2) Can the Banks refuse to lend money based on the declaration of sale & demand for sale deed?

Ans. The banker's decision to lend money or not is his sole discretion and depends on a number of facts, further advice can only be given only the facts arising at that point of time.