Regarding GPA for selling land issued by an NRI
Manjunath
(Querist) 09 July 2010
This query is : Resolved
Hi,
I am planning to buy a property from a GPA holder, who has a GPA from an NRI, to sell his residential proeperty located in bangalore and the GPA has been notraized , stamped in Indian Ambassy and stamp duty is payed in District registrar office.
AS per the terms in the GPA Land owner had written a clause saying Attorney has rights to receive full the amount and give bills from the prospective buyer, but when approached a bank they told, they will issue the draft in the name of land owner but not in the name of Attorney.
GPA holder is saying since they have already paid the money to land owner, if the bank pays draft in the name of land owner they have to get it back from the land owner, so ask bank to give it name of Attorney. I had checked with the land owner , he told yes GPA holder has right so receive money.
Can you please suggest/guide can a GPA holder as right to receive money on behalf of land owner in this case, and will bank give loan amount in the name of GPA holder?
Thanks for the help.
Devajyoti Barman
(Expert) 09 July 2010
If the Principal has authorised his attorney to receive money on his behalf then definitely he can which is hence also applicable in your case.
Chanchal Nag Chowdhury
(Expert) 10 July 2010
Yes. the GPA can receive the money.Check with the bank if they require further confirmation in writing & in what form? U will have to comply or find another Bank.
Manjunath
(Querist) 11 July 2010
Thank you Devajyoti Barman and Chanchal for your answer,
I also have one more query on the same the bank credit manager was asking how can we say that this GPA is still valid, I had called the seller in USA he says its valid. and he says he confirm the same with mail or letter.
Can you please let me know is the Land owner wants to cancel this GPA, does he need to infrom any agency in India? Since stamp duty is payed in District registrar office.
