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Poa sales

Last updated: June 29 2011
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  • Poa sales

    Does anybody on the forum have experience,in doing a poa transaction with a builder
  • #2

    #2

    Re : Poa sales

    Explain the issue completely and may be I would be able to help.

    Comment

    • #3

      #3

      Re : Poa sales

      poa sales

      Originally posted by djvjain View Post
      Explain the issue completely and may be I would be able to help.
      Issue is protection of owner
      Plot of land owned by A and B. A wantss to sell and B wants to do collaboration with the builder for one floor. Builder will provide A with sales deed and pay stamp duty. Builder effectively becomes co owner. B is scared zince he is at the mercy of the builder. B pr0poses that do a collaboration agreement and power of attorney with the builder.
      That way B can have some recourse if the builder does not deliver or uses inferior,material

      Comment

      • #4

        #4

        Re : Poa sales

        Yup, B is thinking right and I guess you are B. Don't do anything with these builders w/o written agreement. But, in this case why do you need a POA with builder? I don't think he would give you a POA without any valid points. Expected progress status of the construction and money for the construction in an escrow account is important and should be written down the agreement. Get the agreement registered in the district court. Even he can't sell the plot without you so its safe I think.

        Comment

        • #5

          #5

          Re : Poa sales

          poa sales

          Originally posted by djvjain View Post
          Yup, B is thinking right and I guess you are B. Don't do anything with these builders w/o written agreement. But, in this case why do you need a POA with builder? I don't think he would give you a POA without any valid points. Expected progress status of the construction and money for the construction in an escrow account is important and should be written down the agreement. Get the agreement registered in the district court. Even he can't sell the plot without you so its safe I think.
          How much would it cost to register the colaboration agreement. Also my understanding is that with delhi builders,nothing in writingmatters if the builder is bad guy.

          Comment

          • #6

            #6

            Re : Poa sales

            Registering any document(POA, agreement etc) with the authorities usually takes close to anywhere b/w Rs 1000-1500. This just showed that both parties agreed and signed in front of the Tehsildar etc. Usually a photo snap of yours(could be both parties) and two witnesses are also used.

            If you don't trust builder then don't go for it, because saving your investment even before investing should be your top priority. The thing you said about Delhi builders is true for builders anywhere in India.

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