A Power of Attorney (POA) is a legal document which grants authority to a person to act on your behalf in your absence. You can appoint a lawyer, friend or a family member to be a POA.
Types of Power of Attorney (POA)
- Administering Estates
- HDB Flats (while overseas)
- General
- Private Property
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Special POA: This grants the representative limited powers, restricted to a specific purpose.
General POA: Under a general POA, broad powers are granted to the representative to make decisions on behalf of the principal.
POA For Real Estate Transactions: In the case of real estate, a POA is useful for the following purposes: Mortgage, exchange, sell, lease, collect rent, grant, borrow or purchase a property.
For properties with more than 2 owners, granting the POA to a single owner makes it simple for all practical purposes.
Process Of Executing A POA (In India): If an NRI is present in India, he/she can follow the steps given below to execute a POA: The NRI needs to get the POA matter drafted and typed on non-judicial stamp paper of adequate value which is generally Rs.
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