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Thursday, 14 August 2014

Jeff Adams Real Estate Six Important tips for Drafting a Gift Deed

A gift deed is a notarized document used while transfers a moving or immovable property from one person to another. The person who gifts a property is calling the donor and who receives becomes donee. You should be careful about sure things before drafting your gift deed. Here are six important points.

Competence to Contract

A person who is capable to contract, according to government rules, can gift his to the desired person. Only a competent person can be a donor. A small, for instance, is an incompetent person. But this does not make a minor not entitled to be a donee. A minor can receive a property as a gift, which will be together by his or her natural guard. 

Authenticity of Acceptance

The gift of property by a donor will be rightful only upon the total acceptance of a donee. In the case of minors who are donees, neither the donor nor the guardian can force the minor to accept the gift. If the gift is heavy to the minor, he or she can put the gift on hold and accept or say no it once they are of a legal age. 

No profit from the Gift

A gift must be given by the donor without any element of consideration. A donor must not draft the deed based on certain prerequisites, especially monetary. If there is any detection of benefits for the donor concerning the gift, then it ceases to be a gift.

Gifting method

The primary structure of this process involves a mutual act of contribution and accepting the gift. The exchange is careful valid only after acceptance of the gift. The donee must accept it in his lifetime.

Accept the Gift

The getting of the donor's gift by the donee cinches the deed. Acceptance of the gift becomes valid once the donee takes the gift into his or her control. Delivery of the gift reaffirms validity. 

Property register

Since you are gifting a fixed property, you can do so only if the property is register. The registered ID must have the appropriate non-judicial stamp and be registered under the register act, along with the attestation of 2 witnesses.

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