A "Deed of Conditional Gift" is a legal document used to transfer ownership of property or assets from a donor to a recipient under specific conditions or terms. Unlike an unconditional gift, a conditional gift comes with stipulations that must be met for the transfer to be fully effective.
Key Elements of the Deed:
Parties Involved: The deed identifies the donor (the person making the gift) and the donee (the person receiving the gift). It includes their full names, addresses, and any relevant identification details.
Description of the Gift: The document provides a detailed description of the property or assets being gifted. This includes any identifying features or legal descriptions necessary for accurate identification.
Conditions Attached: The deed outlines the specific conditions or requirements that must be fulfilled for the gift to be finalized. These conditions could be related to how the property is used, certain actions the donee must take, or specific time frames within which conditions must be met.
Acceptance of Conditions: The deed confirms that the donee accepts the gift subject to the outlined conditions. This ensures that the recipient understands and agrees to adhere to the stipulations set by the donor.
Execution and Witnesses: The deed must be signed by both the donor and the donee. It may also require the signatures of witnesses or a notary public to validate the document and ensure it meets legal requirements.
Legal and Compliance Issues: The deed should address any legal implications or requirements related to the conditional nature of the gift. This may include ensuring that the conditions comply with relevant laws and are enforceable.
Effect of Non-Compliance: The deed typically specifies what happens if the conditions are not met. This could involve the gift being rescinded or the conditions being renegotiated.
The Deed of Conditional Gift provides a formal framework for transferring property or assets while ensuring that specific conditions are met. This type of deed is useful in scenarios where the donor wishes to impose certain requirements on the recipient or the use of the gifted assets.
DEED OF CONDITIONAL GIFT
Date.
___________________________________________________________________________hereinafter referred to as 'The Donor' (Which expression shall unless repugnant to the context or meaning thereof be deemed to include his /their heirs, executors, administrator, and assigns) of the ONE PART.
AND
___________________________________________________________________________hereinafter referred to as 'the Donee' (Which expression shall unless repugnant to the context or meaning thereof be deemed to include his /their heirs, executors, administrator, and assigns) of the OTHER PART.
WHEREAS the Donor is the full owner of an immoveable property consisting of land and a building thereon situated at ________________ and more particularly described in the Schedule hereunder written.
AND WHEREAS the said Donees is the Son of the Donor.
AND WHEREAS the Donor in consideration of natural love and affection that he bears to the Donees, desires to make a gift of the said property to them in the manner following.
NOW THIS DEED WITNESSETH that in consideration aforesaid:
the Donor doth hereby grant and transfer by way of gift the said land situated at __________________ and more particularly described in the Schedule hereunder written together with all and singular the things permanently attached thereto or standing thereon, and all the rights, liberties, privileges, easements and advantages, appurtenant thereto And all the estate, right, title and interest, use, possession, benefit, claim and demand whatsoever of the Donor TO HAVE AND TO HOLD the same unto and to the use of Donees as tenants-in-common in equal shares subject to the payment of all taxes, rates, assessment, due and duties now and hereafter chargeable thereon and payable to the Govt. or any local authority. And subject to the condition that the said property cannot be sold and mortgaged.
AND the Donor doth hereby covenants with the Donees
1. That the Donor now has in himself, good right, full power and absolute authority to grant the said piece of land and other the premises hereby granted as gift in the manner aforesaid.
2. The Donees may at all times hereafter peaceably and quietly enter upon have occupy, possess and enjoy the said piece of land and receive the rents, issues and profits and rents thereof and every part thereof to and for their own use and benefit without any suit, lawful eviction, interruption, claim or demand whatsoever from or by the Donor or any person or persons lawfully claiming or to claim by from under or in trust for the Donor.
3. The said land is free form encumbrances whatsoever nature and having clear title.
4. And further that the Donor and all persons having or lawfully claiming any estate or interest whatsoever to the said land or any part thereof from, under or in trust for the Donor or his heirs, executors, administrators or any of them shall and will from time to time and at all times hereafter at the request and cost of the Donees do and execute or cause to be done and executed all such further and other acts, deeds, things, conveyances and assurances in law whatsoever for better and more perfectly assuring the said land and every part thereof unto and to the use of the Donees in the manner aforesaid.
IN WITNESS WHEREOF the parties have put their respective hands the day and year first above written.
THE SCHEDULE
Signed and Delivered by the within named Donor ________________in the presence of ________________________
____________________
___________________
Signed by within named Donee _________________ in the presence of ________________
____________________
____________________
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