What is a Gift Deed?

Doesn’t everyone love giving and receiving gifts? The gift deed allows a property owner to voluntarily give his/her property to anyone without causing a future dispute over succession or inheritance.

Despite the common practice of donating to the one we love, few of us truly understand the legal implications of the process. The ideal way to donate is through the use of a gift deed. In some cases, the deed will rank above the will.

A gift deed is given when there is no currency transaction involved in the transfer of property. When the transfer of property is given for free, it is known as a gift deed.

Is a Verbal Real Estate Gift Legal?

As per article 123 of the Transfer of Property Act, verbal transfers and unregistered real estate deals are not legally enforceable, and no rights shall be granted if the contract does not follow the legal procedures.

In Summary

Real estate terms like this could be a difficult thing for a layman to understand. Thus, to eliminate this concern of yours, Roodland is providing professional expertise to guide you through any service related to real estate. Drop a mail at info@roodland.com to connect the experts of the real estate industry.

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