Power of Attorney
P.Balasubramaniam
(Querist) 18 March 2011
This query is : Resolved
Dear Friends,
can a Power Agent execute a sale deed in his favour on behalf of the Principal. If so any judgements available.
With Regards,
P.BALASUBRAMANIAM
ADVOCATE
Basavaraj
(Expert) 18 March 2011
i am bit confuse of your query. Could you please tell us clearly about your.
G. ARAVINTHAN
(Expert) 18 March 2011
Agent can do on behalf of the Principal and on the said day the agent must have POWER
P.Balasubramaniam
(Querist) 18 March 2011
Dear Sir,
X is the Power Agent of Y. X has sold his principal's property as a power agent, in his favour (X) as his personal capacity. Power is in force on the date of sale.Is it valid transaction.
Devajyoti Barman
(Expert) 18 March 2011
Please bear in mind that there nothing called 'power agent'.
No this is not the valid transaction unless the POA specifically auhtorises the agent to do so.
It is the primary duty of the Agent not to deal on his own account. If he does so then inn terms of section 215 and 216 of the Indian Contract Act the Principal can either repudiate the Agency or ask for the profit from the attorney.
G. ARAVINTHAN
(Expert) 19 March 2011
Is the said sale/ the respective property is mentioned in the POA deed.?
If shown in deed, then valid otherwise not valid
Sri Vijayan.A
(Expert) 19 March 2011
1.Two parties needed.
2.consideration needed.
3.If the Principal specifically permits the agent to sell the property to the agent itself, he can do so.
4.However, there is a possibility to challenge the transfer by the principal stating that the attorney has mis0used the power and cheated the principal.
5.In that event, you must be able to evidnce/ prove the payment of consideration.
Guest
(Expert) 19 March 2011
Still the sale will be valid in the eyes of law. In any event, the principal should not be a loser of money i.e., sale consideration if the subject property is sold to any other third party. There should be complete transparency of the transaction with clean hands.
valentine thakkar
(Expert) 20 March 2011
In any POA, is consideration is taken then -
1) it should be registered
2) court fee/stamp duty/revenue will have to be paid on the value of the sale.
3)Why not go for a sale deed when you have to pay the duty in full?
M V Gupta
(Expert) 20 March 2011
In case of several real estate transactions where the vendor receives the full consideration for sale of the property under an agreement for sale and is not in a position to complete the sale by executing the sale deed, such secial POAs are given to the buyer to sign the sale deed in his own favor. These are otherwise known as POAs with interest in the property or irrevocable POAs. Sale deeds executed are legally valid.
DEFENSE ADVOCATE.-firmaction@g
(Expert) 18 March 2011
