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chirag ganatra ( )     03 January 2013

Power of attorney

i have one proerty having market value 50,00,000/- now i want to give 50% share of that property to my brother so i prepared power of attorney on 100RS stamp paper for said flat & mentioned that my brother is 50% holder of that property.

is this ok??

if in future i want to sell that property then i have to get the sign of my brother???

in sale agreement only my name is mentioned but via power of attorney i declare that 50% share in this flat is of my brother.


so at the time of sell of property whether we both have to sign sale agreement??????



Learning

 4 Replies

Advocate Vishnu (Advocate)     03 January 2013

Dear chirag,

By giving a POA to your brother, you cannot make him the owner of the said property. You will have to execute a settlement deed or a relinquishment deed by paying the appropriate stamp duty charges. This POA will have no value as it is an immovable property.

All transactions related to immovable property must be compulsarily registered as per Transfer of property act and registration act.

Rajesh Kulkarni (Advocate)     03 January 2013

 

Hi Chirag,

 

Power of Attorney --- Means for example “A is assigning B to step into his shoes for a particular subject”. But not the sole transfer of A’s right over such subject”

 

In your case go for execution of Settlement Deed or a Relinquishment Deed as advised by Advocate Vishnu.

 

Whether in present or future unless you execute such deeds your brother has no role to play in your property and no question of your brother owning 50% share of property.

 

 

Rajesh Kulkarni

Advocate, Hyderabad

7799116901

chirag ganatra ( )     04 January 2013

thanks for repling, means in future if any dispute occurs between me & my brother so i can refuse to give share in this property????? i only can sell this property without intimating or without any signature of my brother??? thanks in advance....

Rajesh Kulkarni (Advocate)     04 January 2013

 

Hi Chirag,

 

If it that property is self-earned and owned by you then no question of your brother interfering in your property matter. It will be your wish to enjoy your property at your tune.

 

As far as selling is concerned YES you can without intimating your brother.

 

 

Rajesh Kulkarni

Advocate, Hyderabad

7799116901


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