Power of Attorney

1. Name and details of the parties
2. Powers that are to be granted to agent
3. Validity of POA
4. Signature of Agent & Principal
5. Witnesses

You can appoint any trusted person namely family member or friend or any employee as an “Attorney in fact”. But he should be a major and person of sound mind

Registration of a POA is not compulsory but it is advisable to get the POA notarized in presence of 2 witnesses as a notarized POA is considered as a properly executed document and has evidentiary value. Stamp duty needs to be paid for registration of the Power of Attorney and for it legally acceptable as evidence before the court

However, if the purpose of creating the POA involves an immovable property, it is compulsory to get the Power of Attorney registered with the office of Sub-Registrar which has the jurisdiction over the area where the principal resides

A Power of Attorney may be revoked or cancelled if the purpose of executing the POA has been completed. Other reasons for revocation of a POA include distrust between principal and agent, unavailability of agent, lack of performance by agent, etc.

A Power of Attorney is cancelled by executing a legal document called the Revocation of Power of Attorney Deed. It is a legal document laying down the facts that the POA must be cancelled and the powers of the principal must now be restored. If the POA was registered or notarized, the revocation deed must also be registered with the Sub-Registrar

A power of attorney can be executed by any person who is competent to enter into a contract namely:-

• He should be major
• He should be a person of sound mind
• He should not be insolvent
• He should not be lunatic or idiot

What are the powers which may be allowed to be executed by an agent through a general power of attorney?

A POA may be executed to authorize the agent to act on behalf of the principal to take decisions in the matters not limited to:

• To execute all contracts, deeds, bonds, mortgages, notes, checks, drafts, money orders
• To manage, compromise, settle, and adjust all matters pertaining to real estate
• To lease, collect rents, grant, bargain, sell, or borrow and mortgage
• To sell any and all shares of stocks, bonds, or other securities
• To file, sign all tax returns, insurance forms and any other documents
• To sue on behalf of the principal