A power of attorney is a legal instrument that allows one person to transfer certain powers to another. A power of attorney (POA) is a legal document that gives the POA holder the authority to act on behalf of the POA Provider (Executant).
The Power of Attorney is also referred to by several titles depending on its purpose, such as General Power of Attorney, Special Power of Attorney, Property Power of Attorney, Financial Power of Attorney, Limited Power of Attorney, Medical Power of Attorney, Durable Power of Attorney, etc.
Special Power of Attorney: A unique or special power of attorney can be created for a certain purpose, such as renting out a particular property or only renting to a particular person, appearing on behalf of the principal at a sub-registration office for the registration of a particular property, etc. In this instance, the individual designated as the Power of Attorney Holder is limited to carrying out certain tasks.
General Power of Attorney: In this type of POA, general powers can be granted, such as all property management powers, including the ability to buy, sell, rent out, and take out mortgages. In these types of POA, the Principal delegates all of his authority to the agent, hence the POA Grantor should choose an agent who can be trusted.
Time Limited Power of Attorney: A POA can only be granted for a specific amount of time. The grantor may choose an agent for a specific amount of time, after which the POA will automatically expire. These POA can be helpful when the grantor has to appoint someone for a brief period of time or for a specific task because there is no need to cancel the POA because it cancels itself after a certain period of time or when the assignment is completed.
When it comes to eligibility, a POA can be chosen if they are dependable, older than 18 years old, and of sound mind. Prior to designating someone as a POA, it's crucial to take their values and personality into account. The POA should be capable of making choices with clarity and conviction.
The primary distinction is that during the registration procedure, a copy of the POA is entered into the government database with a single, unique registration number, but during the notarization, the Notary enters the POA's essential information along with a single, unique number in his register.
Selling or buying a property, signing numerous forms linked to a mortgage, obtaining the deed from a builder, or admitting the execution of a document before the sub-registrar, etc.
Executing the Rent Agreement, Signing society related documents, Handling court matters eg. filing a case, appointing a lawyer, defending POA grantor, signing necessary documents, etc.
It can be revoked as long as the grantor has psychic abilities. To revoke a power of attorney, an individual may communicate the revocation in writing to the POA holder and sign it in front of a notary public.
A PoA carries with it a great deal of responsibility. Be careful who you confide in. At the same time, those who become attorneys must always perform their duties with integrity.
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