Legal Question in Real Estate Law in India
Poa
Want to ask:
1. If I buy a property from a seller which is on lease then what will happen to it once the lease is over.
2. what is good from a buyer point of view: power of attorney or registry and why? (Please explain in detail)
3. Why there is no loan on power of attorney?
3 Answers from Attorneys
Re: Poa
1. You will only buy seller's rights. A purchaser cannot have any better rights in the property than that of the seller.
2. Registry is always better because PoA may be withdrawn or cancelled; and PoA may come to an end on the death of the seller.
3. There is no ban on loans for PoA holders. However, since PoA does not confer title/ownership, some Bank may refuse loan.
Re: Poa
1. Returned to owners.
2. Consult your lawyer for detailed explaination.
3. Ask your bank or lender.
Re: Poa
1.the lease can be renewed once the lease period is over with the consent of the lessor.
2. registration is better than a power of attorney as a power of attorney can be revoked at the option of the person giving the p.o.a
3. generally banks do not grant loans on leased properties as a leased property does not transfer exclusive title on the property to the lessee. for further assistance please contact us on our email id
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