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Power of Attorney (Property Management)
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What exactly is a Power of Attorney (Property Management)?
A Power of Attorney (POA) for property management is a document that grants authority to an individual (the attorney holder) to act on behalf of Property Owner in matters related to the managing and maintaining the property. POA for managing and maintaining (example: taking care of the property, renting out the property, paying house tax, municipal tax, water charges, electricity charges and for doing any other activity, etc) the property also be given outside blood relation and must be duly stamped and registered in court, if POA authorises the attorney holder to lease out / rent out the property to a tenant.
What can your Attorney for Property do?
The types of things your attorney can do are entirely dependent on how much power you grant them. You might grant a general Power of Attorney for Property, which would cover all of your property and financial matters. Alternatively, you could grant a more narrow Power of Attorney for Property, allowing the attorney to handle only a portion of your affairs. You could even limit the Power of Attorney to a particular real estate transaction while you are out of the country.
You must explicitly state what you are authorising your attorney to accomplish and when you expect them to do it. For example, many people want to prepare a Power of Attorney in case they become unable to handle specific tasks as they get older.
Who can give a Power of Attorney for Property?
- Person giving and accepting POA must be competent as per law.
- Person giving and accepting POA must be of sound mind.
- Person giving POA must have right and title over the property.
- Person accepting POA must know the purpose for which POA is given.
- Person accepting POA must not misuse his power as attorney holder.
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