How can NRIs in the US manage property transactions remotely?

Answered by

A Agarwalla & Co.

Published At June 14, 2024

Answer

One of the most effective methods is to appoint a trustworthy representative in India through a Power of Attorney (POA) to manage property transactions in India remotely. This document empowers a designated representative to act on behalf of the NRI, enabling the handling of various property-related tasks, such as buying, selling, leasing and managing the property.

  • Creating a POA: The process begins with drafting the POA document, which clearly specifies the powers granted to the representative. This can range from broad authority to handle all property transactions to specific, limited powers for particular tasks. It is crucial to draft the POA with the help of a real estate attorney India to avoid ambiguities.
  • Notarization and Attestation: Once the POA is drafted, it must be signed by the NRI in the presence of a notary public in their country of residence. The next step is to have the document attested by the Indian embassy. This involves presenting the notarized POA along with proof of identity, such as a passport, and possibly additional documentation to the consular officials.
  • Registration in India: After the POA is attested, it needs to be sent to India for registration. The POA must be presented to the local sub-registrar within three months of its execution abroad. The representative in India can carry out this step, which involves paying the applicable stamp duty and registration fees. The registration ensures the POA is legally recognized in India and can be used to execute property transactions on behalf of the NRI.