The buyer can have inspection of the original GPA but can not retain it.
So you can refuse to handover this.
If you need to give this then you can always execute another one.
We are selling our apartment thru 2GPAs (one for me - my brother and for my wife - her Dad) since this apartment is in both our names(me and my wife). And the buyer is insisting on having the original GPAs in his possession at registration time. Do we need to hand it over to him? Since I need that for later use for tax accountant for the transfer of the money to USA. If I give the original to the buyer, Should I need to create 2 Original GPAs for me and 2 for my wife's GPA? Thanks Vinay Shivaiah
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The buyer can have inspection of the original GPA but can not retain it.
So you can refuse to handover this.
If you need to give this then you can always execute another one.
1. Since you are selling the apartment through 2 GPAs, the request of the buyer to handover the original 2 GPAs is in order. Otherwise the present buyer will be facing trouble if he wants to sell the apartment in future.
2. As you have rightly suggested, you have to create 2 GPAs afresh, one for you and the other for your wife.
Thank you.
Hi
Since it is mandatory that GPA's used for sale are registered as mandated in Registration act, both the buyer and tax accountant can always rely upon a certified copy of GPA for their individual needs.
So, the process is that you should
1) Execute the GPA Agreement before the Indian Consulate and
2) Your Brother and father in law should register the GPA document at the sub-registrar office where the property is situated and
3)Based on registered GPA , both of them can execute the sale deed on your behalf and
4) you can hand over the certified copies of GPA to both the buyer at the time of execution of sale agreement and also forward the second certified copy to the tax accountant and
5)Your brother and father in law shall retain the original signed GPA document with them for any other purposes.
Hope this information is useful.
You have to hand over original GPA to buyer at time of registration
you can keep certified copy of GPA for tax purposes
no need to create 2 original GPA
A power of attorney is an authority given by one person to another, authorising him to act on his behalf.If the original power of attorney executed only for selling the property then handing over the same is not a harm. If it related to other matters or other properties then handed over the photo copies of power of attorney to the buyer and also mention about this in sale deed.
You can create two original GPAs and get true copy/attested copy of those original GPAs for the purpose of indulging into sale transaction in absence of your physical presence in India.
This will be an attestation of True Copy on the photocopy of the original GPA. The attestation is done by the Indian Embassy. These true copy GPAs shall have equal value as that of original.
If the buyer is insisting to handover the original GPA at the time of registration, you may prepare a special power of attorney deed which is valid only for the sale of property and not covering any other aspect in it.
You can prepare a separate power of attorney deed for your other purposes.
The buyer's demand for original documents including the GPAs cannot be denied.
You may take decision judiciously instead of being adamant over this petty issue.
1. Surely any prudent buyer would want to retain the original GPAs as the sale deed is being executed by an agent on behalf of principal (owner). So the GPA forms part of the chain of title. All documents of chain of title are to be delivered to the buyer.
2. You can create 2 original GPAs.
1. You may prefer to execute TWO different set of POA:
a) One POA specific for Sale Purposes,
b) Another POA for all other purposes.
CONSIDER THIS:
1. ONLY a proper Stamp Duty paid (500/-) and Registered POA holder is entitled to execute any immovable property transaction before the local registrar of sub-assurances. Online POA Registration facility is not available, as yet. IF the POA is not registered, THEN the whole proceedings shall remain illegal. POA can be given to "ANYBODY", irrespective of relationships. Stamp Duty on POA is not the same as Stamp Duty paid on Sale /Purchase Deed.
2. POA may have strategic clauses and time limitations of the deal (payment terms, validity time period of the POA document ....), for safety of the POA giver.
3. POA can be registered "ANYWHERE" in India, before the local registrar of sub-assurances and shall be valid throughout India. Stamp Duty on POA is not the same as Stamp Duty paid on Sale /Purchase Deed. A Notarized POA is legally infructuous for immovable properties.
4. POA document can be endorsed abroad by the local consulate office and SUBSEQUENTLY stamp duty paid and registered in India, for it to be legally enforceable.
5. IF person CANNOT go to Registrar office to register POA, THEN Registrar's officer can be requisitioned to visit home, to register POA, on payment of due fees by following due procedure of law.
6. As per a SC judgment, "Immovable Property" CANNOT be sold using a GPA and such GPA and Sale shall remain legally null & void.
single joint POA can be given by you and your wife appointing your brother and your father in law as joint grantees
no need to handover the original POA to the buyer
1. The buyer shall certainly ask for the originals of the said GPAs executed by you and your wife to be certain that you can claim letter on that you have not executed any GPA in anybody's favour and the said sale deed is void at law.
2.You can keep certified copies of the said GPAs or make two copies each of the said GPA mentioning about the existence of two copies in the said GPAs.