Registration provides safety and security to transactions relating to immovable property, even if the document is lost or destroyed. It gives publicity and public exposure to documents thereby preventing forgeries and frauds in regard to transactions and execution of documents.
While drawing differences between registration and power of attorney is that once the property is sold to another, such sale deed through which a property is sold requires registration so that it provides safety and security to transactions relating to immovable property, even if the document is lost or destroyed. By giving someone power of attorney PoA , one gives them the right to carry out certain specific legal and financial businesses on their behalf.
It is common practice among NRIs, for example, to give PoA to someone they trust to represent them to carry out their businesses in the country of their origin since it is inconvenient for them to travel frequently. Within the country also, people appoint a PoA to act as their representatives in case they are not able to take the physical exertion because of old age or disability.
For someone busy who has numerous assets —businessmen or politicians, for example, who have too much on their plate all the time and can hardly be expected to pay, say, their utility bills — granting a PoA to act on their behalf is nothing less than a necessity. A PoA is of two types, a general power of attorney and a special power of attorney. What differs one from another? Another important thing to note here is that a PoA remains valid only till the life of the principal.
When a property transfer is meant for future and there are terms and conditions, then it is called agreement of sale. It will become a sale when all the terms and conditions are met or the time for the property transfer lapses. A sale deed is formed when there is immediate property transfer.
Get to know the differences clearly from here. In general, the immovable property holds a greater value compared to the movable property because it includes sales related to complicated procedures. Sale of the immovable property also requires detailed description and understanding of the entire process and roles of the parties.
Therefore, for the sale of immovable property , the first step is to draft an agreement of sale. An agreement of sale can be generally defined as a memorandum of agreement deed where the terms and conditions of a potential contract of sale are enumerated along with the offered consideration and payment details. In the sale of the immovable property, it is one of the important documents because sale deed is based on it.
It allows the sale process to happen smoothly by explaining step by step. Difference between GPA and sale deed? Are looking for the differences between power of attorney and a sale deed? Do you want to sell any property for which you want to make a deed? Go through the answers for help. What is the difference between a Power of Attorney and a Sale deed?
One of my neighbor is planning to sell her house and she is too old. She needs help in understanding the terms. She is seeking help from my husband in selling her property for her and asking my husband to take power of attorney in his name to sell it. Confused what to do. Points: 6. GPA is general power of attorney. The registered property owner in whose name property is registered in government office records, generally the Registrar Office can give a GPA execution in favour of his spouse, son, daughter, brother, sister or any other relative to manage his property.
In the year supreme court gave a verdict that a GPA in the name of a non relative will also be acceptable. GPA document or deed should be registered in the Registrar Office or any other authorised agency to make it a valid legal document. If GPA is specifically given to execute conveyance, gift and sale deeds then the GPA person can do so and get the deeds registered in the Registrar Office.
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