Your search results
Posted by mimran on November 14, 2017
0

Power of Attorney and Its Kinds

power of attorney

Power of Attorney and Its Kinds .This legality can be invoked for various scenarios when it comes to real estate, but often people’s understanding of what it entails is lacking. This piece takes a look at what the power of attorney means for property.

When a person cannot execute a particular document or transaction themselves, they can authorise someone else to do that in their behalf. They can also authorise someone to move the court or make an appearance in the civil court on their behalf. This is the basic idea behind the power of attorney. The laws generally applicable to power of attorney are the Powers of Attorney Act 1882 and the Contract Act 1872.

Power of attorney can be used to execute property transactions when a person (called the principal) is unable to do so themselves. These property transactions can range from actions such as taking possession of a property on your behalf to selling your property for you.

While the power of attorney can have a wide range of uses, this can be a particularly useful instrument for overseas Pakistanis who can take care of their property through someone (called an agent) who has been granted the power of attorney by the principal.

Bahria Town Power of Attorney Format

Kinds of Power of Attorney

1- General Power of Attorney

When the principal grants the agent power to take care of all functions and transactions relating to a certain job, it will be a general power of attorney. For example, a principal may grant an agent a general power of attorney to take care of all transactions relating to a certain property – alternatively, they can also grant them power of attorney to manage all of their property. This will allow the agent to sell, mortgage, lease, or dispose of the property in any manner and it will be considered as if the principal themselves had done such an act.

2- Special Power of Attorney

When the principal specifies the job that the agent has to perform then the agent’s power will not extend beyond that and it will be a special power of attorney. For example, the principal may grant agent the power to lease a certain property or to take possession of a certain property and this would fall under the category of special power of attorney. The special power of attorney comes to an end once the transaction for which it was granted has been performed.

3- Durable/Enduring Power of Attorney

If a principal becomes unsound of mind – or in any way becomes so incapacitated as to be unable to make their own decisions – the power of attorney comes to an end. However, it can be specifically mentioned in the power of attorney that it will endure in such circumstances too. And if that is so, it will be a durable/enduring power of attorney and will continue even if the principal becomes incapacitated.

4- Springing Power of Attorney

A kind of durable power of attorney, it only comes into effect after certain conditions specified within the power of attorney are met. This is generally used to grant power of attorney in cases where the principal wants to grant the power of attorney only after they have become disabled or mentally incapacitated.

It should further be noted that power of attorney cannot be granted orally and should always be written and signed in the presence of witnesses. General power of attorney should also be registered with the registrar under Section 17 of the Registration Act, 1908. Generally, the registration of Special power of attorney is not required, however, any power of attorney that deals with property is required to be registered with the registrar in every case.

Termination of Power of Attorney

Power of attorney ends when:

-The principal or the agent dies.

-The principal or the agent becomes disabled or mentally incapacitated. Unless it is enduring power of attorney.

-The principal revokes it. The power of attorney can be revoked by the principal through an application to the registrar.

-The agent relinquishes the power.

-The task for which the power of attorney was granted stands completed.

-It can end on a specific date if a termination date was specified in the power of attorney itself.

A Powerful Document

Power of attorney can be a powerful instrument as it will help you take care of things even when you physically can’t be present. However, due care should be taken when granting someone the power of attorney and it should be granted to close and trusted family and friends only. The agent is duty bound to work in the interest of the principal and they can’t transfer the property to themselves. However, depending on the powers granted in the power of attorney, it can be used in a variety of ways that may be detrimental to the principal. This is why it is generally advised to seek proper legal help before granting someone a power of attorney.

For Our Assistance :

Mohammad Imran Rasheed

092 333 3690000

092 300 3690000

info@almadinaestate.com

  • Reset Password

  • Most Viewed Posts

    • New Town Housing Scheme Gwadar (3,427)
      Introduction To New Town Housing Scheme Gwadar  New town is another GDA housing scheme and is located centrally . There is a real opportunity when it comes to Gwadar property investment in New Town. It consists of four phases including both resdential and commercial plots. Residential Plots are available in 16 marla, 20 marla and 40 marla.Commercial Plots are also available in New Town. ...
    • Foreign Office Employees Cooperative Housing Society Rawalpindi (3,262)
      Foreign Office Employees Cooperative Housing Society Rawalpindi (FOECHS) Foreign Office Employees Cooperative Housing Society Rawalpindi  >>Click here to view FOECHS Rawalpindi Noc Status From RDA Official WebSite<<< Access from FOECHS Foreign Office Employees Cooperative Housing Society Rawalpindi  to different points of interest. I-16 has been used as a reference point. 1: Beacon house Educational complex: 28 mins. 2: Zero Point interchange: 39 mins. 3: ...
    • Up Country Enclosures Rawalpindi (3,228)
      Up Country Enclosures Rawalpindi UP COUNTRY ENCLOSURES PRIVATE LIMITED   PAYMENT SCHEDULE WITH SIX INSTALLMENTS W.E.F 01 January 2018     Up country Enclosures Rawalpindi . First Come First Serve . PAYMENT SCHEDULE FOR BLOCK – G & BLOCK – F WITH EIGHT INSTALLMENTS 5 Marla Plots Details  10 Marla Plots Details 1 Kanal Plots Details Very easy and low installment plan. All Land ...
    • Rudn Enclave Rawalpindi (2,953)
      Rudn Enclave Rawalpindi RUDN Enclave is a project of RMRSCO (Pvt. Ltd) with NESPAK as the master planner and consultant. Moreover, the most renowned developers team comprising of Urban Planning and Design Limited (UPDL), its subsidiaries Alhaq builders and New leaves have been incorporated as master developers and contractors for the most attractive project of twin cities. Most ideally located at the juncture of ...
    • Capital Smart City (2,941)
      Capital Smart City  In view of growing housing demand in the twin cities, FDHL intends to build a quality housing project on the M2 Motorway near New Islamabad International Airport falling on the eastern route of CPEC. Capital Smart City aims to become the first-ever smart city in Pakistan and a model for sustainable development. FUTURE DEVELOPMENT HOLDINGS (PVT) LTD FDH is one of ...
    • CBR Employees Co-operative Housing Society Phase II Rawalpindi (2,766)
      CBR Employees Co-operative Housing Society (CBR ECHS) has launched Phase II of its affordable land for homes project. The launch of Phase II will provide plots in different sized for homes and commercial buildings at reasonable prices. The project is set to raise the standards of affordable housing, with several amenities catering to the multiple needs of the residents here. CBR ECHS was able ...
    • Sangar Housing Scheme Gwadar (2,359)
      Welcome to Sangar Housing Project Sangar Housing Project provide sustained development for a healthy and vibrant place with a strong infra structure base supporting diversified housing opportunities and a wide range of tourism as well recreation facilities for all. Sangar Housing Project build a state of art housing and tourism facility supporting the development of the city of Gwadar. https://www.youtube.com/watch?v=j5rizpVXCug Project: Project: Sangar Housing ...
    • OPF Valley Zone 5 Islamabad (2,104)
      OPF Valley Zone 5 Islamabad OPF Valley is situated in Zone 5 of Islamabad and stretches over an area of more than 5000 Kanal. This housing project is duly approved by CDA. OPF Valley is a beautiful housing scheme situated on Japan Road which is connected to Islamabad Express Way. The development work has started after proper planning and preparation. OPF Valley is a modern ...
    • Power of Attorney and Its Kinds (1,509)
      Power of Attorney and Its Kinds Power of Attorney and Its Kinds .This legality can be invoked for various scenarios when it comes to real estate, but often people’s understanding of what it entails is lacking. This piece takes a look at what the power of attorney means for property. When a person cannot execute a particular document or transaction themselves, they can authorise ...
    • KARAKORAM GREENS ISLAMABAD (1,507)
      KARAKORAM GREENS ISLAMABAD The Karakoram mountain ranges, home to the most dense collection of highest peaks to be found anywhere on earth. Karakoram developers aspired by aura of the majestic height and sophistication envision to build places and land marks of great significance to people and society, developments that positively impact and emotionally connect with people around us. Management & Background Karakoram Enterprises was ...

Compare Listings

WhatsApp WhatsApp Us