If fortunate you may never have to deal with financial matters when sick or on a business trip abroad. But emergencies have a way of straightening our lives when we are least prepared to face them. You may be jet lagging your way into various commitments your job entails, but at the same time, there could be a crying need for you to also be elsewhere, probably to settle financial matters concerning land, rent, debts and so on. One way to shed that extra panic accumulating on your shoulders is through the Power of Attorney. Still doesn’t sound simple? LegalDesk will make it so! This website is no hard nut to crack – there are no hasty phone calls to lawyers, no reexaminations of your schedule to fix appointments, or no live monetary transactions. Everything happens online – sit at your comfortable chair, even if it is halfway around the world and draft your Power Of Attorney with us.
Is It As Complicated As It Sounds?
Power of Attorney is an instrument of agency. It is used to facilitate transactions in the absence of the person in obligation.
One aspect that distinguishes it from an ordinary contract is the transference of power to the agent to execute matters concerning finance and property, which makes it increasingly evident for the Principal to transfer the powers in question to a well-known, person (Attorney) worthy of one’s trust.
One could decidedly plunge into a matter concerning legality with all the deftness and businessman-like attitude you could muster. But, that is not always enough. You, bestowing a right, which only you are entitled to exercise to someone else, is a big step – there is little need to assure you of that. And it could be this little detail nagging you to refer to a lawyer in order to draft a Power of Attorney document tailored to your needs. We understand and appreciate your concern and it is for this reason we let you customize your Power of Attorney draft before finalizing the agreement.
Power of Attorney indeed is easy to draft and procure in days. If anything that makes it seemingly potential to danger is the transference of power privy to you. If you have found your confidant, there is now little left to fret about.
How To Create A Power of Attorney?
- Once you have all the necessary information at hand and have chosen your Attorney, select your home state from the drop down menu and start customizing your Power of Attorney. Based on your needs (whether you need a General Power of Attorney or Specific Power of Attorney) a different draft can be prepared.
- Procure a Stamp Paper and pay the duty prescribed. You can avail this service from us as we will find the Stamp paper of right denomination, pay the duty to the respective authority and deliver the printed document to you.
- Sign the Power of Attorney in the presence of two witnesses.
- Register your Power of Attorney at the closest Sub-Registrar Office, if it involves transfer of immovable property.
Classifying Powers of Attorney
Power of Attorneys are need-specific. The kind of responsibility each Power Of Attorney bestows is what determines its type. Broadly, Power of Attorney can be classified into two types-
General Power of Attorney is more of an umbrella instrument used for the purpose of carrying out a number of transactions and hence covers broader powers.
Special or Specific Power of Attorney is authorised for carrying out a specific subject matter that might concern several powers attached to the same subject matter. Hence, here a date is not specified for expiration and the completion of the said task marks the expiration of the Power of Attorney.
Stamp Duty Charges And Registration
A Power of Attorney solicits a Stamp Duty which can vary from each type of Power of Attorney. While there are concessions when the Power of Attorney is executed in the favor of a family member, otherwise, the duties can vary.
For the purpose of executing a Power of Attorney in Maharashtra, either Non Judicial Stamp Paper or Special Adhesive Stamp Paper is used.
The break up of these duties on different documents can be referred from the table below
|Type Of Document||Stamp Duty|
|POA, when executed solely for the purpose of procuring the registration of one or more documents in relation to a single transaction||₹ 100/-|
|POA executed for suits or proceedings under the Presidency Small Cause Courts Act, 1882||₹ 100/-|
|When authorising one person or more to act on a single transaction / authorising a single person for more than one transaction||₹ 100/-|
|When POA is signed for consideration and authorising to sell an immovable property.||
The same duty leviable on a conveyance of an immovable property –
|POA for authorising to sell or transfer an immovable property. The agency when given to father, mother, brother, sister, wife, husband, daughter, grandson, granddaughter||
(irrespective of the market value of the property)
The amendment of The Registration (Maharashtra) Act, 1908, resulted in the changing of Section 17 of The Registration Act, which now mandates the registration of the Power Of Attorney authorised for the purpose of sale or transference of immovable property. Also, in order to deter frauds during the process of conveyance of an immovable property most Sub-Registrar offices recommend one to create a Special Power Of Attorney instead of a General Power Of Attorney.
Revocation Of A Power Of Attorney
Revocation of a Power of Attorney is always mentioned in the agreement, more so for a General Power of Attorney. It is in the interest of the Principal to explicitly mention the date of expiration in order to avoid the misuse of powers handed to the Attorney. The Specific Power of Attorney on the other hand, expires at the completion of the specified task.
Otherwise, a Power of Attorney can be revoked, if –
- The Principal himself/herself wills so
- Either the Principal or agent dies (unless it is a Durable POA where in spite of the death of the Principal, the POA stands)
- Principal is not of sound mind or becomes bankrupt
- The business so appointed for is over.
- Mutual Agreement between the Principal and the Agent
- The Powers bestowed on the Attorney is renounced by self will
NOW Is The Right Time!
To prepare your Power of Attorney at LegalDesk, follow these simple steps,
- Select your State and click the ‘Create Document’ below.
- Fill the template of Power of Attorney of your choice and customize it according to your needs.
- Pay for the document online.
- Download the soft copy or have us deliver the POA document at your doorstep.
- Sign the POA in the presence of two witnesses.
- If necessary, register the POA at the nearest Sub-Registrar Office.