Sale Servicing Agreement With Gpa
Description
How to fill out Sale And Servicing Agreement?
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FAQ
The Revenue Department issued a circular allowing registration of all GPA-based property transactions in the city with immediate effect. As per the circular, property transaction through GPA will be considered "legal" but it will not be considered as transfers of title for mutation of property.
A person given power of attorney over a property cannot sell the asset unless there is a specific provision giving him the power, the Supreme Court has held in a judgment.
To Sell, Mortgage, Gift, Exchange or Create right or release the right that General Power of Attorney need to be registered under the Indian Registration Act, 1908. Hence, registration of GPA herein is compulsory. Notarized GPA in this case is not valid.
Taking into account all these issues, the Supreme Court of India passed an order making all property buy/sell transactions with a GPA illegal. Following this order, all states introduced a ban on property transactions on GPA.
Can a registered GPA holder sell a property? No. Even if the GPA is registered with the sub-registrar's office, the GPA holder is not authorised to sell the property on the owner's behalf. Even the latest judgement by the Supreme Court of India categorically invalidates the sale of a property through GPA.