WHAT IS DEED OF GIFT?

A Special Way to Give Land/houses.

When giving a big gift, like a house or land, you need a document called a Deed of Gift. This document shows that the person giving the gift (the donor) is transferring ownership to the person receiving the gift without expecting any payment in return. People often use Deeds of Gift for special occasions like birthdays, weddings, and anniversaries, or to donate to charities. This document is important because it makes the transfer of ownership legal and clear, avoiding any confusion or disputes in the future.

Read also: Deed of Assignment.

Here’s what you need to know:

1. A Deed of Gift is a legal document that records the transfer of ownership.
2. It’s used for gifts that don’t involve payment, like real estate or land.
3. It’s a registrable instrument, meaning it must be registered with the appropriate authorities.
4. It serves as legal proof of ownership, providing clarity and security for the donee.

By using a Deed of Gift, you can make sure your gift is given and received with clarity and love, without any worries about the future.

TYPES OF DEED OF GIFT.

There are four main types of Deeds of Gift, each with its own characteristics and uses:

1. Inter Vivos Deed of Gift:

• Given during the donor’s lifetime
• Takes effect immediately upon execution
• Example: A parent gifts a piece of land to a child while still alive

2. Testamentary Gift:

• Outlined in a will.
• Takes effect upon the donor’s death.
• Part of the estate planning process.
• Example: A person specifies in their will that their house will be given to a relative after passing.

3. Revocable Deed of Gift:

• Comes with specific conditions that the donee must fulfill.
• Gift can be revoked if conditions are not met.
• Example: A donor gifts a property to a relative on the condition that it’s used for educational purposes or retains an interest in the property.

4. Irrevocable Deed of Gift:

• Unconditional transfer of property ownership.
• Donee gains full ownership without any strings attached.
• Example: Gifting a property without any requirements for its use.

Understanding these types of Deeds of Gift can help you make informed decisions about transferring property ownership, whether during your lifetime or as part of your estate planning.

COMPONENTS OF THE DEED OF GIFT.

1. Names of the Donor and the Recipient:

• Full names and Addresses.
• Relationship between the donor and recipient.
• Details of the relationship with the person or entity (if the donor is acting on behalf of another).

2. Donor’s Intent:

• Explicit statement about the gift’s nature.
• Voluntary statement.
• Establishes the legitimacy of the gift and ensures the gift is given without coercion.

3. Property Rights of the Donee:

• Ownership rights.
• Intellectual property rights (if applicable).
• Terms agreed upon by both parties.

4. Property Details:

• Measurements, Layout and Area.
• Clarifies what is being transferred.

5. Witnesses:

• One or two witnesses.
• Signatures.
• Names.
• Addresses.

These components ensure that the Deed of Gift is comprehensive, legally binding, and clearly outlines the terms of the transfer.

PROCESS OF OBTAINING DEED OF GIFT.

1. A licensed lawyer prepares the Deed of Gift.
2. The donor and the donee’s representative sign and date the deed.
3. The donee accepts the transfer, making the Gift Deed legally effective.
4. To ensure a smooth transfer, especially if the donee is a minor, involving a legal personnel or agent is necessary.

By involving a legal practitioner, it provides legal backing for a secure and transparent transfer of ownership and protects the interests of both parties involved.

For a more in-depth understanding of this topic, consider purchasing our comprehensive eBook, “A Comprehensive Guide to Understanding the types of land Titles Recogized in Lagos and how to process the documents.” available now on selar.