Gift Deed For Property Transfer
What is gift deed for property transfer?
A gift deed for property transfer is a legal document that allows the transfer of ownership of a property from one person to another as a gift. It is a voluntary transfer, where the donor gives up all rights and interests in the property and the recipient becomes the new owner.
What are the types of gift deed for property transfer?
There are two common types of gift deed for property transfer:
Conditional Gift Deed: This type of gift deed includes certain conditions or restrictions on the recipient regarding the use or transfer of the gifted property. The donor can specify limitations or requirements that the recipient must comply with.
Absolute Gift Deed: An absolute gift deed transfers complete ownership rights of the property to the recipient without any conditions or restrictions. The donor gives up all rights and cannot impose any further obligations on the recipient.
How to complete gift deed for property transfer
Completing a gift deed for property transfer involves the following steps:
01
Prepare the gift deed: Draft the gift deed document with all the necessary details, including the property description, donor and recipient information, and any conditions or restrictions if applicable.
02
Execute the deed: Both the donor and recipient must sign the gift deed in the presence of at least two witnesses who should also sign the document. It is important to ensure that all parties involved understand and agree to the terms of the gift deed.
03
Register the deed: Register the gift deed at the local sub-registrar office within the prescribed time limit. Pay the necessary stamp duty and registration charges as per the applicable laws and regulations.
04
Obtain the registration certificate: Once the gift deed is registered, obtain the registration certificate as proof of the property transfer.
05
Update property records: After completing the gift deed, it is important to update the property records with the relevant authorities to reflect the change in ownership.
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