25% OFF on all LCI Courses. Offer valid till 5th Oct. Use Code: DUS25
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

power of attorney prerequisite for flat membership

(Querist) 22 June 2009 This query is : Resolved 
Dear Sir/ MAM,

I own an under construction flat in cooperative group housing society in gurgaon.

1) How can I make its power of attorney in the name of my mother.

2) What other documents are required for POA.?

3)Any complication ,If i have taken a house loan on this flat?

Please share procedure of creating POA.

Regards
A V Vishal (Expert) 22 June 2009
Dear Ajay

What is the purpose of the POA. If you give details then we could answer the queries raised by you.
Y V Vishweshwar Rao (Expert) 23 June 2009
POP is in favour of mother ! You are not transfering your ownership

You can availe the loan by executing loan documents by your self and also by executign loan docuemtns thorugh GPA /POP your mother

You can authorise your mother to look after all the affiars of the falt ( with society & Bank Loan ) , on your behlaf , as Your your agent

With out transfering Your ownership , you can authorise your mother to act on your behalf in respect of all the matters of the Flat !
sanjeev murthy desai (Expert) 23 June 2009
I agree with the said Experts
Ajay jain (Querist) 24 June 2009
I actually want to transfer ownership to my mother or father or brother.

But i have already taken home loan on it from bank.

Some relatives of mine want to grab a share in it ,Hence I want to safeguard this property by detaching my name from it.

plz help
Ajay jain (Querist) 24 June 2009
If not detaching then alteast creating many shares of my well wishers in the property.

please note that I will only know my flat no. after draw at the time of allotment
A V Vishal (Expert) 24 June 2009
By giving a POA you cannot and you are not detaching your name from the property, in fact they act as your agents only. In case you want to share the property in names of of your parents or well wishers giving POA is not the proper way and moreover you cannot give POA to different persons for one single subject property.
Uma parameswaran (Expert) 25 June 2009
If a property is pledged as collateral security before the bank and the same property‘s title could not transfer with out the consent from the Bank. I am supporting all the advices given by L friends.
Ajay jain (Querist) 28 June 2009
Dear AV Vishal & Uma,

please suggest the wayout if poa is not the right option in my case.

Regards


You need to be the querist or approved LAWyersclub expert to take part in this query .


Click here to login now



Similar Resolved Queries :




Expert of the Month






Post a Suggestion for LCI Team
Post a Legal Query