A General Power Of Attorney allows a specific person to act on behalf of the principal in any Legal or Non-Legal Matters, as per the state laws. This Legal Document authorizes you to handle bank accounts, sell property, sign checks, file taxes, and manage assets for the principal.
An NRI needs to be present in India to perform legal duties sometimes. It can be for properties or any banking business issues. So, the person exploits another way that is a general power of attorney format for NRI to avoid frequent visits.
A General Power of Attorney is a legal document that allows an agent to act on behalf of the actual principal in any legal matters, as per the state laws. This legal document allows the agent to handle bank account, sell property, sign cheques, manage assets, and also file various taxes for the actual principal.
An NRI appoints a reliable agent to legally represent him in his absence for any matters concerning legal, banking, and judicial transactions. In this way, the agent called the Attorney is dealing with the legal document called the Power of Attorney. The Attorney, then, can handle the state of affairs like tax payments, opening financial accounts, and managing the finances of the person staying out of the country. The NRI, in this case, is called the Principal.
The agent’s responsibilities are not limited to any 1 or 2 rights. He can perform or take any business, financial, legal, or medical decisions except real estate ones.
Special Power of Attorney (SPoA) is also an alternative to the general power of attorney but it is specific. It is specifically taken into account for property issues.
It is stricter than the general one as it is irrevocable. Everything is stated meticulously and the Principal has to agree on whatever is performed after SPoA.
It is a written authorization document. It states that the Principal confers authority to an agent to act on his behalf. The Principal should be out of the country or must have a solid reason for absence in this case. Thus, the trusted Attorney can take care of the property and finance.
The first option is to draft the power of attorney deed online. You can download a sample for free.
The second option is to hire an experienced and professional lawyer in India.
Almost the same details like name, address, and occupation are required by an NRI and the same by the representative.
You can give power of attorney to any blood relative or third-party trustworthy person.
Indemnity clause: The indemnity clause is a section in a contract which states the protection of a party from liability of harm that occurred to any third party. It means both parties have to compensate to save each other from individual losses.
