A gift deed is definitely an agreement that's used, whenever a person wishes to gift his property or money to someone else. A moveable or immovable property may be gifted voluntarily using gift deed, from the donor to the donee. A gift deed allows the property owner to gift the property to anyone and avoids any future dispute arising out of succession or inheritance claims. A registered gift deed can also be evidence by itself and unlike in the case of a will, the transfer of property is instant and you won't be required to go to the court of law for execution of gift deed and hence, deed of gift also saves time.
Gift deed: What gifts have to stay a present deed format?
A movable property, or immovable property, or a preexisting property that's transferable, can be gifted and need a gift deed. Having a registered gift deed, will allow you to avoid any litigation that pops up thereafter.
Gift deed: How exactly to draft it?
Draft of something special deed must include the following details:
Place and date on that the gift deed is to be executed. Relevant informative data on gift deed about the donor and the donee, such as their names, address, relationship, date of birth and signatures. Complete details about the property for that you draft a gift deed. Two witnesses to bear testimony of the gift deed and their signatures.
Thereafter, depending on the value determined by the state government, the gift deed should be printed on stamp paper after paying the mandatory amount and the gift deed must be registered at the registrar or sub-registrar's office.
Gift deed: Important clauses to mention
Here are some important things that ought to be mentioned in the gift deed format.
There's no money or force involved
Ensure that you add this consideration clause to the gift deed. It must be indicated that there surely is no exchange of money and that the gift deed is manufactured solely out of love and affection and not because of money or coercion.
You are the master of your property whenever you gift
Only the master can gift a property. If you are not the owner (title holder) of the property, you cannot give a house as gift deed it to somebody else, even yet in anticipation.
Describe the property
All information pertaining to the property, including the structure, kind of property, address, area, location, etc., must be mentioned in the property gift deed format.