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Deepak (manager)     28 June 2012

Expiry of power of attorney

Dear Expert

I gave some initial amount to purchase a flat from a builder. I applied for the home loan. When chain of documents was studied by the bank they refused to give loan. Bank found that land sold to the builder was owned by the person who is died and their 5 son sold the land to the builder. Out of his 5 son 2 were staying abroad has given power of attorney to their brothers. When document were reviewed by the bank they found that power of attorney for 10 years was expired and sale of land was after one month of the expiry of the power of attorney. Builder is suggesting to have loan from any other bank. I would like to know your views on to go ahead and purchase the flat or drop the idea of putting my money in this property

Deepak



Learning

 6 Replies


(Guest)

Dear Deepak,

One thing thats creating doubt as you said the poa expired one month prior to execution of sale-deed. Was there any specific clause in the poa that the poa shall be in effect for a particular span of time? Pls clarify this. If the poa was for a stipulated period then the poa will get redundant after lapse of time and only in such event the sale-deed so executed on the basis of such poa will be null and void.

Pls check as stated above, so as to give you a clear idea to proceed with the transaction.

Feel free to communicate.

1 Like

Deepak (manager)     29 June 2012

Thanks Yougesh Ji for your response

 

I am quoting from the POA

 

"This power of Attorney shall not be affected by subsequent incapacity of the principal [and shall remain effective for a period of 10  years after the disability or incapacity occurs]

 

With the above statement following warrning applies

 

"This property will continue exist for an indefinite period of time unless you limit their duration in this document. These power will continue to exist notwithstanding your subsequent disability or incapacity."

 

Please suggest

Deepak

 

 

Deepak (manager)     29 June 2012

Thanks Yougesh Ji for your response

 

I am quoting from the POA

 

"This power of Attorney shall not be affected by subsequent incapacity of the principal [and shall remain effective for a period of 10  years after the disability or incapacity occurs]

 

With the above statement following warrning applies

 

"These power will exist for an indefinite period of time unless you limit their duration in this document. These power will continue to exist notwithstanding your subsequent disability or incapacity."

 

Please suggest

Deepak

Deepak (manager)     29 June 2012

Thanks Yougesh Ji for your response

 

I am quoting from the POA

 

"This power of Attorney shall not be affected by subsequent incapacity of the principal [and shall remain effective for a period of 10  years after the disability or incapacity occurs]

 

With the above statement following warrning applies

 

"These power will exist for an indefinite period of time unless you limit their duration in this document. These power will continue to exist notwithstanding your subsequent disability or incapacity."

 

Please suggest

Deepak

Deepak (manager)     04 July 2012

Dear Yogesh ji,

Could you please revert back to my query

 

Regards,

Deepak


(Guest)

Dear Deepak,

It means that in the event if any disability take place (which does not include death of the executant) with the executant of the power of attorney holder, for the coming ten years, the same shall have the same effect as it had and have and the power of attorney holder will have all the rights and powers to perform all the acts for the coming period of time.

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