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Old 7th October 2008, 18:49   #1
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Default power of attorney for NRIs.

Hi guys,

I need to send a power of attorney to my father for real estate transactions. He talked to a lawyer there who said I can get it from here and get it notarized and send to him where a registrar can validate it before being used. I also know indian consulate has a specific procedure of validating POAs.

Does any of you know if this is the exact process, since the lawyer is not very well versed with NRI matters. Also, He mentioned there is no specific format for the POA. Where can I find out if there is one? should I use a US format (signed in front of notary public)? on US stamp paper?

Thanks in advance.
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Old 7th October 2008, 18:55   #2
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The procedure will include notarization - and attestation by the Indian Consulate.

The content will include the reason why you are not in India, how long you will be out - and hence the reason for you to not being present personally for this activity.
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Old 7th October 2008, 18:57   #3
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I don't think you use US stamp paper for this. My brother had sent me a POA last year when we needed it for some property matter, if I can find it I'll PM it across to you.

Also, best thing to do is to call up the consulate in NY & ask them for help with this, they would probably be in the best position to advise on the correct course of action.
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Old 7th October 2008, 19:04   #4
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thanks irags, I saw on some site that indian stamp paper is not acceptable, I assumed it would be US stamp paper.

It will be great if you can PM me the details.

The consulate clearly says do not call us unnecessarily. I have had great trouble last time even reaching them when I was tracking my son's PIO. otherwise they are very efficient. If u send them the form, they finish and return the things very promptly.
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Old 7th October 2008, 21:33   #5
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Vivek, this might help:

http://www.icicibank.com/Pfsuser/ici...ion/POAall.pdf

SPECIAL POWER OF ATTORNEY
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Old 7th October 2008, 22:07   #6
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thanks, just found out that in US the concept of stamp paper is not there. So I guess I can just print it out on paper and get it signed, notarized and attested.

does anybody have a sample for real estate? that will make my life easy.
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Old 7th October 2008, 22:24   #7
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Vivek, here are few samples, although not sure how applicable these are for NRI's.

Power of Attorney - Agreements for Download
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Old 7th October 2008, 22:26   #8
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Get the PoA prepared by whoever is preparing your documents in India. Send it by email to you. You take a print out on good quality paper, sign it on every page, and get it attested by the Indian Consulate / High Commission. YOu will need to show your passport there. Even if you are a non-Indian citizen, you need this.

Courier the attested paper back to India.

Within 7 days of reaching India, the paper has to be presented to the District Collector for stamping (pay stamp duty).

It may also have to be registered if it relates to SALE of immoveable property by you. Depends on the rule in each State.

You really do not need a PoA to BUY land / immoveable property. The "sale deed" needs to be executed only by the seller.

If this is for registering a deed where you are selling land, better get the PoA cleared by the buyer too. Details of the property need to be included in the PoA in this case; hence you better it prepared by a solicitor / document writer.

Last edited by BaCkSeAtDrIVeR : 7th October 2008 at 22:28.
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Old 7th October 2008, 22:27   #9
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Hi Vivek, I have dealt in one such matter where the buyer of flat was in the USA, and his father handled the process for him. I have a power of attorney format from him, mostly given to him by ICICI legal dept.

PM me your mail id, and I'll mail it to you. Get it verified from your lawyer and get changes accordingly made.
Hope it helps you !

PS: mailing it at your hotmail id from the profile.

Last edited by hkanitkar : 7th October 2008 at 22:29.
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Old 7th October 2008, 23:03   #10
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thanks guys, i think backseatdriver's comments do make sense. I will have to wait until the deal is finalized, get it cleared by lawyer and the other party, and then proceed to prepare the POA. I didn't know the exact process. Now that I know, I can give realistic estimates to the buyer.

one more question. The district of collector has to be from the city where the sale is being made, or my father can do it at his current residence?
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Old 7th October 2008, 23:31   #11
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Default Sample.

Your wordings will be similar to the one below. The items in brackets are custom options, which will obviously be different for you.

This is a general power of attorney for all operations but I have only listed the one which affects you - for real-estate.

Quote:
Originally Posted by First page on Rs. 100 Stamp paper with Red Notary Seal, and Notary's stamp
TO ALL TO WHOM THESE PRESENTS SHALL COME, I (Your full name), Adult of (City in India), Indian Inhabitant, residing at (Address in India), do hereby SEND GREETINGS:-

WHEREAS
(a) I am going out of India for the purposes of pursuing further studies and will be required to stay out of India for a substantial period of time. (Change this to reflect your condition - job, etc.)
(b) I will be unable to attend to my works in India owing to my being out of India for the aforesaid purpose and hence, desirous of appointing my parents as my Constituted Attorney which they have agreed to do.
Quote:
Originally Posted by Next page with Notary's stamp
NOW KNOW YE ALL AND THESE PRESENTS WITNESSETH that I, (Your full name), Adult of (City in India), Indian Inhabitant do hereby appoint, nominate and constitute (Names of parent/parents) as my Constituted Attorney and to act jointly and severally to do the following acts, matters and things:-
  1. To purchase any immovable property on my behalf and for the said purpose negoiate, enter into an Agreement as well as execute the Conveyance Deed and admit the execution of the said documents before the Sub-Registrar of Assurances.
(The above page, and additional pages will list other Powers that you wish to specify to your Constituted Attorney/s).

Quote:
Originally Posted by Final Page with Notary's stamp
  1. AND my Constituted Attorneys may act either jointly or severally for the purposes of executing any or all of these works.
  1. AND my Constituted Attoreny will have full and absolute power to appoint a Sub-Attorney to do some or all Powers under this Deed.
  1. AND my Constitued Attorneys will have full and absoulte Power to act in my absence as well as in my presence.

IN WITNESS WHEREOF I have set and subscribed my signature to the above writing this (Date eg. 07th day of October, 2008).

SIGNED AND DELIVERED by }
The above named Donor } (Your signature)
(Your full name) }

Identified by me, Before me,



Name, Signature and Stamp of Lawyer Name, Signature and Stamp of Notary
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Old 8th October 2008, 09:00   #12
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Vivek, you need to clarify whether this is a sale (by you) or a purchase (by you). If this is a purchase, a general power of attorney will do. ("I, ..... holder of Indian passport No. ...... and now residing at ............ on employment with ..... do here by appoint ........... to do all that I may, including .... in general, and in particular, to effect transfer all records relating to the property at St. Thomas Mount (:-P) I am purchasing from Mr. ... into my name, ... etc).

Quote:
Originally Posted by vivekiny2k View Post
one more question. The district of collector has to be from the city where the sale is being made, or my father can do it at his current residence?
Can be either. But make sure it is the same state.

There is a difference between
a. A general power of attorney (to manage my properties...)
b. A special power of attorney (to sell my property at St. THomas mount...)
c. A general power of attorney with a specific clause (To manage my properties and if necessary, sell them...)
d. A special power of attorney with a general clause (To sell my proprty, and to manage them till the sale takes place ...) etc.

If I am the buyer, I will insist on (b). Nothing else will do. And it will have to be registered. No compromises.
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Old 8th October 2008, 14:51   #13
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Quote:
Originally Posted by vivekiny2k View Post
Now that I know, I can give realistic estimates to the buyer.
it is a sale (by me). I have decided to go with whatever is agreed upon by the buyer once the deal is finalized. in all probability his lender will have a specific format.
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Old 8th October 2008, 17:20   #14
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vivek

i had purchased our flat from a lady who had the POA from her son as the flat was in his name. so if you want i have the copy of POA.

secondly the deal can be finalised verbally but for all other paperwork to go ahead, like stamp duty, registration, transfers etc your dad would need the POA in his name before he can sign any agreements.

if u need the same, pm me ur mail address.

btw the POA i have was made in India.

Mansi
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Old 8th October 2008, 18:23   #15
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Vivek,
Im into Realty with a legal background
Here is how we currently do POA's fopr NRI's :
1. For sale of properties, execute a Special Power of Attorney, wherein you mention specifically all the details of the property to be sold including the flow of title to the current owner. Mention clearly that the POA is given without any consideration on part of the Attorney holder or else now STAMP DUTY is payable as per market value of the property, on the POA. If POA is given to blood relatives, then stamp duty amount is Rs. 500.

2. Since the POA is gonna be executed in US, you can do it on a plain paper ( white or green color ledger paper ). No need to use a stamp paper. Ensure that you sign in front of the consul officer, put your left thumb impression and affix your pic, which is then stamped by the consular stamp and then the consul officer signs it. There should be a place where your Dad is gona sign, put Left thumb impression and his pic. This page should be left blank as your dad cannot sign before you have signed.

3. Once that is done, send the POA to india and have it adjudicated by the local stamp authority, who will affix the required stamps on it. The POA is then ready to be signed by your DAD, after the adjudication is done.

4. Almost all financial institution insist on POA executed by NRI's to be complusorily registered. In Mumbai, POA's for sale powers have to be registered, not notarised. So it wil make sense for you to register the POA.

This is currently the correct procedure as per the latest ammendments in the Stamp Duty law n registration rules. People do manage to use notarised POA to save time and money, but that is not the correct procedure.

I can send you the soft copy of POA we do for our cleints. PM me you email id
Regards - Ram
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