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Home · Guides · What Is an Immovable Property Deed of Gift?

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What Is an Immovable Property Deed of Gift?

Immovable property is that which has a fixed location. It can be built upon but can in no way be transferred or moved without destroying it. Those who have immovable property do have the right to gift that property to someone else if they wish. The property will require a deed of gift and the person gifting the property is known as the donor.

A deed of gift is considered a valid deed only if it is voluntarily made by the donor. There are a few requirements in order for the deed to be considered valid. The person receiving the gift or the donee has to accept the gift and it has to be accepted as well as made by the donor while both persons are still living. If the donee dies before the deed of gift has been accepted, the deed will not be considered valid. The deed represents a legal and binding agreement between the donor and the donee that certifies that the donor is gifting the property and that the donee is accepting that property gift.

If a minor is granted a property gift, the obligation is typically not enforced until the minor turns 18 years of age. When this time comes, he or she will have the right to either accept the gift or to return it. An immovable property deed of gift is required to be registered. The property can be transferred from the person giving it and the person accepting it only after it is registered and that registration must be done in the area where the property is located. There are a number of different documents that must accompany the deed of gift and are required to be submitted when the registration is submitted. A copy of the gift agreement as well as an encumbrance certificate, title deeds for the property in question, statement of the property specifics and the assessment register extract should all be submitted along with the property registration.

Only existing property can be considered for a deed of gift. Future property is not permitted to be gifted in this way and minors who are not considered to be competent enough to understand contracts cannot be gifted in this manner. If a minor is chosen to be the donee of a parcel of immovable property, he or she must allow their guardian to accept the gift on his or her behalf and the transfer will be done in the minors name when he or she comes of age. The deed will contain conditions that the guardian accepting the property will be acting manager of that property until the child turns 18.

Gifting immovable property can be very complicated and often confusing. It is best to consult with a real estate attorney prior to entering into any contracts regarding this situation. An attorney who has experience in real estate law can help you to ensure that the transaction is completely legal and help with drawing up of the contracts required for a deed of gift.

20.04.2013. 06:06



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