What Does the Gift Deed Document is all About?
A gift deed is a kind of document that will enable someone, a recipient to possess or acquire a property or financial gain or simply money, in this case,"as a gift" from another person who already owns the property or money.The right for owning or ownership of the given property is directly transferred under the gift deed without requiring to pay or make any return transactions to the giver of the gift.A gift deed is a legal document which is a voluntary transfer of Gift from owner of property (known as DONOR) to the receiver of Gift (known as DONEE) without any exchange of money. Thus, it is a legally binding contract that transfers the ownership of a property (real estate) from one person to another. A gift deed is signed by the donor and is attested by two witnesses. The stamp duty charges may vary from state to state, which must be paid according to the value of property.
What Are The Key Elements Of Gift Deed?
It needs the specification of the fact that the receiver need not to do any work to gain the ownership of the received gifts.The gift deed is drawn upon the idea that the giver is doing the deed of gift out of the feeling of affection for the recipient who is entitled to the respective gift given.The one that wishes to do the gift deed to transfer the ownership of property or sum of money to the recipient is called donor.The donor even though can own 100% interest of the property that he wishes to give or transfer in the name of the recipient. It is not enough to only sign the gift deed document to own a valid document against the transaction, apart from signing the form the donor must also have the document witnessed. The numbers of the witnesses who are signing to validate the document may vary. The witnesses required in this gift deed document, stand as disintegrated parties which means that they are not liable to guarantee, benefit from the transfer or suffer any losses through this gift deed of transferring property or money.
What Is The Procedure Of Gift Deed Documentation?
For Gift Deed Document
- A well efficient lawyer from our team shall contact you, and explain you the total process, and will understand the need of Gift Deed by you.
- Once the objectives of the same are clear, the lawyer shall draft a sample Gift Deed accordingly.
- The whole process takes around 3-4 working days.
How To Register Gift Deed To Make It Valid?
A gift deed is the exchange of a property starting with one individual then onto the next made deliberately. There are two people engaged with this exchange of property:-
I) Donor - The Person who exchanges the property.
II) Donee - The Person to whom the property is being exchanged.
The donee must acknowledge the property, and he should acknowledge it amid the lifetime of the donor. The exchange of property can go to vain, if the donee dies before accepting the gift. An exchange of gift will be valid, only if the donee acknowledges the gift amid the lifetime of the donor.
What Is The Revocation of the Gift Deed?
The gifts given however can be revocable or non-revocable. In case of revocable gift deed, the donor is supposed to make a draft of the document, this document can be kept by the donor in his possession until the donor feels the time is right for the recipient to receive the gift. And during this time, if the donor decides to revoke the gift deed document, he has the right to choose to do so and this despite the fact that the document is fully fledged complete along with the signs of witnesses involved, there is never the need to do the final act of transferring the property or money to the recipient at any cost.
Irrevocable gift deed
When an irrevocable gift deed is made up into a document and prepared and signed up by the witnesses according to the all legal formalities and requirements and once irrevocable gift deed is done and given to the respective recipient, the recipient immediately becomes the owner of the received gifts. And so this type of gift deed document as the name suggests is irrevocable and can’t be revoked by the donor. The property or the money ownership transfer will no longer be available for being reclaimed and hence, this donor must keep in his/her mind.
So when a person decides to do a gift deed, he can choose or decide whether the gift deed should be revocable or irrevocable in nature. The gift deed execution is in the interest of the donor and recipient both parties and it is also the guarantee by the recipient’s ownership of the respective property or money that he received from a donor has been gifted.