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.