How do I purchase a flat when the owner is going out of the country? Can I purchase it through a power of attorney? and How?
Yes, can purchase through Power of Attorney (POA) A property transaction is valid when a sale deed is registered. In your situation, an owner should issue a POA to his blood relative in India. Through POA issued to a blood relative, a sale deed can be registered, complete the financial and property transaction. A POA holder in India represents an owner to execute a sale deed and smooth transfer of property from seller to buyer. We completed many property transactions through POA issued by NRIs. Based on our experience, listing below few important points for your consideration An owner should issue POA only to his blood relative. POA issued to non-blood relatives is not valid. A POA should be registered. Draft a POA favorable to you, in such a way that satisfies your buying fulfillment Check the tax implications of buyer and seller. For example: If your property worth more than Rs. 50 Lakh, an owner should obtain a low tax certificate to bring down the TDS cost to 1% or 20% TDS may appl