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Since no interest is created in the property through an agreement to sell, certain incidental documents are executed by the vendor in favour of the vendee to secure the transaction.
The following documents are required to be executed when the property is not transferred by a sale deed
- Agreement to Sell
- Power of Attorney by the vendor in favour of the nominee of the vendee
- Will by the vendor in favour of the vendee
- Receipts of payments made by the vendor
An agreement to sell only gives a right to institute a suit for specific performance to the vendee.
A power of attorney authorizes the nominee of the vendee to execute the sale deed in favour of the vendee without the presence of the vendor. This gives comfort to the vendee that a sale deed can be executed in his favour any time to his convenience
A power of attorney need not be registered by it requires to be executed and authenticated before the sub registrar. However it is advisable that the power of attorney is appropriately stamped and registered.
A Power of Attorney remains in force till the time the person who has authorized or the person in whose favour the attorney is granted, are living. If either of them dies, the power of attorney ceases.
A Will, executed by the vendor in favour of the vendee, comes into effect upon the death of the vendor. Or in other words, it comes into effect when the power of attorney becomes ineffective. A Will is not required by law to be registered, but it is highly recommended that it should be registered.
A Will is not required to be registered by law; however it is highly advisable that the will is also registered. A Will is required to be attested by at least two witnesses who must have seen the testator (the person making the will) sign or affix his signature. They all should sign in presence of each other.
