Power Of Attorney Registration in Mumbai

About Execution of Will/Power of attorney

Contracts or agreements have a significant impact on the business and industrial worlds. The businessman had little choice but to rely on others to complete his tasks. The person who executes a power of attorney is the one who assigns the business tasks. A legal process known as a power of attorney enables the person to serve as the businessman's legal adviser. A principal will designate an agent as the attorney to prevent any inconvenience from legal processes.

Is Notarizing a Power of Attorney Required in Mumbai?

The execution of a power of attorney is not required to be done in any particular way. Yet, notarizing a power of attorney's execution is not unusual. The Notaries Act of 1952 contains provisions that apply to a certain aspect of notarization. According to the Act, a notary is chosen by the Central or State Government to carry out specific tasks, such as confirming, authenticating, certifying, or attesting the execution of any document.

A power of attorney signed in front of and certified by a Notary Public is presumed to have been lawfully executed under the rules of the Indian Evidence Act.

The Steps Involved in Executing a Power of Attorney in Mumbai

Attestation

It is essential to get the Power of Attorney verified by two witnesses, even though it is not required, to avoid controversies and demonstrate the proof of authenticity.

Registration

Although registration of a document is not required, it must be done so by presenting it to the sub-office registrar that oversees the moveable property mentioned in the document. But, in other circumstances, the document may be submitted for certification at any sub- registrar's office in the province, at the request of the executants, or at the agency of the sub-registrar in whose sub-district the contract was performed. Typically, a power of attorney costs Rs 100 in stamp duty. There is also a Rs 100 registration fee to pay. The stamp duty and registration fees for a broad power of attorney granted to promoters and builders are Rs 1000 and Rs 100, respectively. The appropriate stamp duty, determined on the property's market price if provided for consideration, is identical to the stamp duty that must be paid on a property's sale deed.

Notarizing

A power of attorney is just as valid if it is notarized. The Indian Evidence Act's Section 85 applies to notarized documents. Every document claiming to be a power of attorney signed in front of and accredited by a notary public, a vice consul, or a member of the Central Government will be presumed to have been appropriately performed by the court and will serve as conclusive evidence.

Why Need an Expert?

Provide thorough information on the duties and rights of an executor; Prepare and assist in completing the forms required to apply for probate; Assist in locating and gathering the decedent's assets; Provide tax advice; Explain the legal procedure for distributing the estate's remaining funds in the absence of a will probate; Help with any statements that may be brought against the estate.

Conclusion

In conclusion, notarization, and registration of powers of attorney are not always necessary. Still, it is preferable to do so to properly handle any inquiries about their proper implementation. Those rights may even be registered if significant rights are obtained by using a power of attorney.