Hi,
We are planning to buy a property in Tirupur district, Tamilnadu. The details are herewith:
The total property is close to 5.73 acres. The property belongs to the Landlord (A) his wife (B), a daughter (C) and 2 minor sons (D&E).
The property is inherited by A when he was a minor and has been granted full rights on the property once he turns major. The party A is now a major. As he was unable to run the family properly, parties B&C filed a case against A. As a consequence of the case, B&C were provided a share of the property. By court order, the property was sub-divided into 3 (A,D,E together get - 1.81acres, B- 1.00 acre and C-2.92 acres).
At a later date, parties A,B&C have agreed to sell the entire land such that the sale proceeds can be utilised to run the family. Please note, D&E are still minors during this stage. The parties A,B&C had entered into an agreement with a 3rd party (F) who had agreed to purchase the land. However, party F entered into a 3 year agreement to purchase the land and had also obtained a Power of Attorney (POA) from parties A,B&C (signing the POA) such that he becomes the power agent who can lease, enter into agreements or even sell the property on their behalf empowering him to execute a sale deed for any other prospective buyer at a later date. The 3 yr agreement and the POA has been registered at the sub-registar's office. The party F has settled all the monies that he owes to the all parties A,B,C,D&E concerned.
As a propective buyer, I have the following questions:
a. Is the agreement and POA valid in the first place? Can the party F carry out a sale deed along with any title transfer without the presence of parties A,B,C,D,E
b. The POA states that Party A (guardian of D&E) has granted POA on behalf of minors to party F empowering him to lease/sell the property to any prospective buyer. Is this valid given that the POA is also registered in the sub-registar's office?
c. Party F carries bank FD receipts in the name of the minors for an amount equal to the minor's share of the property (For purposes of FD deposits, the 1.81 acres was equally divided between the landlord and his 2 minors resulting in 0.6 acres each. There are 2 FD receipts for the 2 minors)
d. One of the minor party D has become a major now. However, given that he hasnt signed the POA when it was executed, what process must I follow to ensure the party D does not claim any rights to his share of the property later. Also, please advice if point B followed will foolproof the buying of the minor's share.
e. Though party F (Power agent) has agreed to do all the needed support to finalise the sale and execute a sale deed, what would be the best foot forward from the perspective of a buyer? Please advice.
Thanks in advance for all who took time to read through and respond to my query.
Appreicate all your time and the response to my queries.
Regards,
Vimal
