Legal document transferring ownership of a gift from one party to another.
In the context of UK property, a Deed of Gift involves transferring the title or ownership of real estate from the grantor (the person giving the gift) to the grantee (the person receiving the gift). This process requires the proper execution of the deed and registration with the Land Registry to ensure that the transfer is legally recognized.
The Deed of Gift must be carefully drafted to comply with legal requirements and to clearly outline the terms and conditions of the gift, including any restrictions or obligations imposed on the grantee. Additionally, the transfer may have tax implications for both parties, so consultation with legal and financial advisors is often recommended.
A Deed of Gift is typically used by individuals who wish to voluntarily transfer property ownership to another person without receiving any payment or consideration in return. It is often utilized by property owners who want to gift property to family members, such as children or spouses, as part of estate planning.
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