Benefits of using Power of Attorney by the Principle’s
- The principal can save a lot of time from a busy schedule by transfer the right to an agent for planning and maintain its business.
- It allows the agent to take a necessary decision in the interest of the principal.
- Helps the elderly or mentally ill person to manage their property and financial affair.
- It provides an opportunity to choose a better person who will make decisions on your behalf.
- The important task is to choose a trustworthy agent, who can be a family member or friend.
How to Register an AOP Deed by Client
The procedure involved in the registration of a Power of Attorney file in India are given below:
- The registration of power of attorney which deals with the power to buy or sell the principal immovable property has to be registered under the law.
- The Power of Attorney is drafted, along with the signature of the principal and the two witnesses. It is advised to prepare a draft by a legal expert.
- The POA draft along with stamp paper should be authenticated by the Sub-Registrar. However, in some areas draft is attested by a Notary.
- The sub-registrar office fixed the date for the registration of the Power of attorney instrument.
- On the date of registration both the parties and 2 witnesses who are of sound mind shall be present for the attestation of Power of Attorney.
- At last, the government registration fee is paid in the sub-registrar office.
- After a week the registration procedure will be completed, then collect the Power of attorney from the office.
Minimum Requirements for PoA deed.
When any person wants to transfer their power of attorney to another person which may be a relative or friends over his property it required such person should be a minimum 18-year-old with a sound mind and not be declared insolvent by the Courts of law. However, married women have a right to execute Powers of Attorney even if they are minors. The specific requirement for the creation of Power of Attorney will be governed by the Indian contract Act.
Documents Required for Registration
The necessary document required for registration of legal Power of Attorney deed in India is dependent on the state government guideline. It is recommended that one should consulate with the local authorities to confirm exactly which documents are required in their respective states.
The basic document required for the creation of Power of Attorney deed such as:
- A copy of the voter id for the Address verification
- For NIR applying for POA in India, copies of Passport will be required
- Few copies of POA deed document
- Passport size Photographs
- Aadhar Card, along with a few photocopies
- ID Proof of 2 witnesses
It is also recommended to carry some amount of money for the stamp duty fees. The value of the stamp duty amount varies depending on the Power of Attorney.
 The registration Act, 1980 and The Power of Attorney Act, 1882
 The stamp duty rate, under Schedule 1, Article 48 of The Stamp Duty Act,1899