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Deed of Gift 2024 (guide + free template)
This post covers an overview of the deed of gift plus a sample deed to help you get started.
Have you ever been in a situation where you legally want to absolutely transfer your property, either movable or immovable, to your mother/father or son/daughter or any other person or a registered institution without involving money as a means of exchange?
If your answer is yes then the primary document used to complete your mission is the Deed of Gift.
Here I will take you through
- What is a deed of gift
- Formalities and Legal Requirements of Deed of Gift
- Deed of Gift template
- etc.
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What is the Deed of Gift?
A deed of Gift is a multilateral agreement between two or more people which voluntarily transfers ownership of the property from one person to another without involving money as a consideration.
In Deed of Gift the person who transfers his/her property is called the donor and the other to whom property is transferred is called the donee.
A deed of gift is like a sale agreement, but the uniqueness of this deed is that it uses NATURAL LOVE AND AFFECTION as its consideration instead of money.
You can call all transfer which is done through a deed of gift as NATURAL LOVE AND AFFECTION transfers
There are generally two different types of Gift Deeds: a revocable Gift Deed or an irrevocable Gift Deed.
You can revoke a revocable gift deed at any time.
Sometimes, donors will utilize this kind to express their desire to make a gift in the future while reserving the right to back out at any time.
Up until the gift is in the recipient’s hands, the donor has the opportunity to revoke it.
A gift deed that is irrevocable cannot be changed or revoked.
Formalities and Legal Requirements of Deed of Gift
For a deed of gift to be legally accepted, it must contain and comply with the following
- title i.e DEED OF GIFT TO [purpose]
- Name and addresses of the parties
- The name and description of the property conveyed
- Consideration i.e NATURAL LOVE AND AFFECTION
- Parties must have the capacity to enter into a contract i.e. not minor to enter into a contract.
- It must be voluntarily made.
- Must be written
- It must be specific.
- Dated and signed by both parties
- Notarized/witnessed
Deed of Gift Sample
The following is the sample deed of gift to convey immovable property
DEED OF GIFT TO CONVEY IMMOVABLE PROPERTY
THIS DEED OF GIFT made the ……… day of [insert date]
BETWEEN
AB of [insert postal and physical address]
and
XY [insert postal and physical address] the daughters/son/mother/father/relative of the said AB of the other part:
WITNESSETH that IN CONSIDERATION of his NATURAL LOVE AND AFFECTION for the said AB and XY the said AB HEREBY CONVEYS unto the said XY ALL THAT piece or parcel of land and property comprised in the Right of Occupancy registered as [insert property registration particulars] TO HOLD the same for his/her own sole use and benefit for the period constituted in the unexpired term of the said Right of Occupancy.
IN WITNESS WHEREOF the parties hereto have set their hands hereunto and respectively signed these presents the day, month, and year hereinafter appearing.
SIGNED and DELIVERED by the said )
AB who is known to me )
personally/identified to me by ………………..)
………………………………………………… the ) ———————-
latter being known to me personally in my ) DONOR
presence this ………. day of ……, 20… )
Name: ………………………………………………
Signature: ……………….…..…….……..………
Postal Address: …………..………….…
Qualification: COMMISSIONER FOR OATHS
SIGNED and DELIVERED by the said )
XY who is known to me )
Personally/identified to me by ………………. ) _____________________
………………………………… the latter being ) DONEE
known to me personally in my presence this )
………..….. day of December 20… )
Name: ………………………………………………
Signature: ……………….…..…….……..………
Postal Address: …………..………….……..….…
Qualification: COMMISSIONER FOR OATH
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