Chennai: The Power of Attorney (POA) issued by property owners can be canceled by them without approval of agents of power, the command word issued by the Deputy Inspector General of Registration, Chennai Zone, on Wednesday.
Clarification comes after complaints submitted about the Sub-Registration Office (SRO) refused to accept applications that are looking for POA cancellations for lack of evidence about the letter sent to the CAA cancellation.
Orders, who said that sub-registrants may not demand any letter from the owner to an electric agent, say there are no demanding rules.
The order, however, will not apply to the ‘Strength of Consideration’ agreement that contains clauses in monetary transactions between landlords and agents as approval required from both parties to declare the POAS NULL and Void.
The registration department official said the order was not new.
Clarification is to overcome the problems faced by people during Poa’s cancellation, they said.
The Association of Indian State Secretary Builders S said Ramaprabhu approval from power agents affecting the CAA cancellation.
“Some SRO demands mail (sent by post) or a physical presence of an electric agent for cancellation.
How do you expect to produce a power agent or letter sent to the agent when the owner wants to cancel the POA to take the property to take the property,” he asked.
POA was given by the owner to their authorized agent to sell property on their behalf.
Some land offers involving promoters through joint ventures for the development of real estate are run through POA.
Most of the POs did not record monetary transactions from the agreement.
“Always at risk.
The owner or agent of power can be a victim if there are non-documented monetary transactions.
So, it is better to go for ‘strength with consideration’ which is legally recorded monetary transactions,” said a registration official.
Although it is safe, this is largely ignored by people because it will require 4% CAP at monetary values and registration fees, officially more.
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