Yes, real estate can be purchased and sold on behalf of the owner through general, specific Power of Attorney, but there are certain exception:
- Where buildings, Housings and commercial property are constructed and sold by government organization.
2) What is Power of Attorney?
The power one person or legal entity grants to another to act on behalf of the person granting authority. The document granting such power normally specifies exactly how much power the attorney-in-fact (recipient of the power of attorney) will have.
3) Can corporate firm/houses open their offices in residential areas ?
No, the practice of opening offices in residential areas is illegal. But in the usual course of business service based industries are allowed to open their offices in such residential properties. But any complaint by the owners will perforce them to vacate it.
4). If the lease does not contain any clause for escalation of rent then can the lease amount on renewal be escalated ?
It is always advisable to include the rent escalation in the lease deed which is more than 1 year, to avoid any dispute in future. However there is a provision in the rent control act that rent will increase 10% after every 3 years.
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