I’m planning to buy a vacant plot using a home loan. The seller is asking for half the amount upfront to create a preliminary agreement, but isn’t giving anything in writing. I want to pay the full amount now and get a General Power of Attorney (GPA) in my name. Is this safe? Will the bank give me a loan based on this GPA? Can the original owner still sell the land to someone else after making the GPA in my favor?

Apni Law
Apni Law
Law Forum › Category: Property › I’m planning to buy a vacant plot using a home loan. The seller is asking for half the amount upfront to create a preliminary agreement, but isn’t giving anything in writing. I want to pay the full amount now and get a General Power of Attorney (GPA) in my name. Is this safe? Will the bank give me a loan based on this GPA? Can the original owner still sell the land to someone else after making the GPA in my favor?
Vote Up
452
Vote Down
Apni Law Staff asked 2 years ago

I’m planning to buy a vacant plot using a home loan. The seller is asking for half the amount upfront to create a preliminary agreement, but isn’t giving anything in writing. I want to pay the full amount now and get a General Power of Attorney (GPA) in my name. Is this safe? Will the bank give me a loan based on this GPA? Can the original owner still sell the land to someone else after making the GPA in my favor?

1 Answers
Vote Up
23
Vote Down

Best Answer

Apni Law Staff answered 2 years ago

It is not safe to pay the full amount and rely solely on a GPA. While a GPA can grant you certain powers, it doesn’t transfer ownership. The original owner can still sell the land, potentially leaving you with no legal recourse. Banks are unlikely to grant a loan based on a GPA as it doesn’t provide sufficient security.

You Might Also Like

My family and I are Hindus. I, the elder brother, registered a property settlement deed with my younger brother for my land. The agreement stated he’d get ownership of the first floor after repaying my loan, but in the meantime, I let him build his house there. However, after some time, he began mistreating me and my wife. I live in Hari Nabi and registered the deed at ADSR Sonarpur. He pressured me to sign some papers, claiming they were just consent forms. My father was involved and threatened that if I didn’t sign, he would tell my boss I wasn’t caring for our parents, putting my son at risk. Scared, I signed. Now, I’m worried these papers could be a Power of Attorney (POA), giving him control over the original registered settlement deed. Can he alter the agreement with the Registrar of Assurances in Kolkata? I checked for encumbrances at ADSR Sonarpur and it’s clear until 2014.

My father recently passed away, and a woman has filed a case claiming to be his wife. She submitted a “Dependent Certificate” issued by the Sarpanch, but we believe it’s fake. The Sarpanch will testify that he never issued the certificate. What steps can I take or should the judge take to address this forgery?

My father passed away, leaving our ancestral home to my mother, elder brother, and me. For the last 15 years, we’ve allowed a trusted friend and his wife to live with my mother, as we’ve moved to different cities for work. Could their long stay give them any legal claim to the property? What legal steps can we take to ensure we retain ownership, without having to ask them to leave?

My mother, a kind soul, gifted me her apartment two years ago, when I was 23. It’s a small, cozy place, and I’m so grateful for it. Since I’m the only one on the deed now, can anyone else claim ownership, even after I’m gone? I’m a Christian and unmarried, if that makes a difference.

My great-grandfather was granted a shop by the Land and Development Authority in 1965. He passed away in 1982. In 1996, the property was transferred to my grandfather’s name, even though there was no will. My grandfather received inheritance from his two sisters. He died in 2006 without a will. My father acquired a relinquishment deed from his two sisters and three children of his deceased third sister and sold the property. My father and my brother received the money legally through banking channels. I am married now. Can I claim a share of the property? Who should I claim from? What portion can I claim? How do I file my claim? What type of claim is this? Is this ancestral property? How long would the case take?

Share This Article
Previous Article I’m considering divorce after five years of marriage. My husband has never taken responsibility for me or our two-and-a-half-year-old daughter. We want to go for a mutual divorce, but I want to make sure he has no rights over our child after the separation. He’s never bothered to provide for our daughter’s basic needs like food, clothes, or shelter. I don’t want him to see her, as he’s irresponsible and often drinks. We’ve moved out of our rented house, and I’m living with my parents. Can you advise me on how to ensure child custody?
Next Article My marriage was registered in 2007. We lived together for only 6 months before separating. Is this marriage still valid? How long do I have to file for divorce?

Follow US

Find US on Social Medias
Popular News
- Advertisement -
- Advertisement -
Ad imageAd image

📢 Stay Connected!

Join our community on Telegram and WhatsApp for instant updates, news, and exclusive offers.