Power of Attorney (POA), is a legal document executed by legal agent giving an authority to one or more persons to act on behalf of the principal. Generally, there is no requirement for registration of Power-of-Attorney unless it creates an interest in any immovable property. Power of Attorney Agreement can be authenticated before a Registrar within whose district the principal resides.
A power of attorney is not an instrument of transfer, i.e., any right, title or interest cannot be conferred using it. Therefore, power of attorney does not convey ownership. However, an attorney holder can execute a deed of conveyance in exercise of the power granted. So, an attorney holder cannot execute an agreement of sale.
Correction Agreement Limited Power of Attorney is a document that authorizes the lender to make corrections to clerical errors. Typically, clerical errors like misspelled names, typos, and other clerical mistakes which have no effect on terms and conditions of the loan are corrected. It is a document that requires being notarized.
Power of attorney for rent agreement can also be appointed. If due to any reason it is not possible for the property owner to fulfill the legal formalities of Leave and License Agreement or Rent Agreement, then he can appoint a power of attorney holder to perform those legal formalities.
Power of Attorney is effective immediately upon signing and can also be used to enter into contracts.
A legal expert is required to draft the legal document to make it precise and accurate.
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