inserting a clause to receive the sale proceed in a power of attorney
prakash
(Querist) 17 November 2010
This query is : Resolved
sir,
I wish to give a power of attorney to my cousin brother to sale my pieces of land.I made a power of attorney and inserted a clause to receive the sale proceed by my cousin brother.The sub registrar objected to the same and insist to remove that clause.My argument is that I am unable to visit that place frequently to collect the money.Is it wrong to insert such clause in power of attorney? please advice.
Devajyoti Barman
(Expert) 17 November 2010
In most of the cites the Registrars do object to such clause and to overcome that objection add another clause i.e.- 'after the completion sale the proceeds of the sale would be deposited in the Bank account of the Principal by the Attorney.'
Sri Vijayan.A
(Expert) 18 November 2010
In TN, it is common to insert another clause that the agent is responsible for the accounts of transaction.
But in most/all of the GPAs, i have not added such clause and the agent is empowered to fix the fair price, receive sale consideration, execute and register the sale deed in favour of any purchaser
Sri Vijayan.A
(Expert) 18 November 2010
So try to convince the sub-registrar by explaining the situation and the relation between the parties (Owner principal and the agent)
And get the GPA registered.
