sale of land in the name of a firm
Querist :
Anonymous
(Querist) 28 March 2011
This query is : Resolved
If a piece of land is registered in the office of the sub-registrar in the name of a firm, and a deed of sale is executed between vendor (firm) and vendee (individual)and this sale is executed by an agent (POA Holder).
Then agent must be agent of the firm or agent of Partners ????
Querist :
Anonymous
(Querist) 28 March 2011
Only a person who can contract can be principal or agent, in other words donor or donee of powers as the case may be.
The TPA states that transfer can only be executed by living person. and includes a company , firm, association of persons.
If property is in the name of the firm then for purpose of this act Firm is a person.
Therefore if property is in the name of the firm, agent empowered must be agent of the firm. Not agent of partners signing the sale deed on behalf of the partners. The term partners is not an entrty as a person in law, the word partner under the act is only a word used to denote that that person share in the relationship of the body collective called the firm.
You have raised a good point, I think that most people have yet to understand.
