2) Is it also possible to give the apartment on lease to someone (parents) (may be at zero rent) and then he/she (parents) can sub-let as per their discretion? Who gets the rent in this case, original owner or the person sub-letting?
3) Which of the above is better for a person who is abroad currently, Power of Attorney or Lease/sub-Lease?
25 February 2008
1.yes it is possible to rent out apartment by executing power of attorney between the owner and the representative using the current proforma. 2.the power of attorney should contain all the essential clause of collecting rent and to mentioned specifically that who will recieve the rent,whether the owner or the representative as drafted in the power of attorney. 3.the reprentative so authorised can sublet the appartment if it is so mentioned and drafted as as clause in special power of attorney. 4. the person so authorised and as agreed in power of attorney is entitled to recieve the rent. 5.power of attorney is better for a person residing abroad,and he must execute the power of attorney in such away that it clearly states and authorises the person to recieve the rent himself or in his behalf.
I suppose that in this case rent amount will be considered as earning of the person holding power of attorney (e.g. father/mother).
Is it possible to indicate in Power of Attorney that rent will be paid to the owner (e.g. myself).
Is it possible that rental lease will be signed by the person holding POA (e.g. father) but rent is paid to the owner. It may be possible to do this by specifying in the lease that rent cheque is to be issues in the name of so and so person (owner) even though lease is signed by POA holder (e.g. father). Or rent is always paid to the person who signs the lease?