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A Deed of Gift is a gratuitous arrangement that voluntarily transfers the legal ownership with physical ownership of a property or money from the owner (called the donor) to another (called the donee) without any consideration or compensation from the donee.
A minor (person who is under the age of 18) does not have the legal capacity to grant gift, hence, can not be a donor. However, a minor can accept gifts through their legal guardian.
A deed of gift once delivered to the donee is irrevocable i.e it can not be changed or reversed except the donor does not have the legal capacity to grant the gift; the gift was given under duress, misrepresentation or mistake surrounding the circumstances; and the gift was transferred with an intention to evade tax or breach the law.
The differences between a Will and a deed of gift is as follows:
This document outlines the name and address of the donor and donee, the description of the gift and the covenants of the donor and donee.
How to use this document
This document is used by a person who wishes to give a gift to another during their lifetime. This document may be preferred to a Will as it saves cost and time of applying for probate.
After completing this document, the donor and donee should sign this document. If the donee is a minor, the legal guardian of the minor should sign the document on behalf of the minor.
If either of the parties is a company either two directors or one director and one company secretary should sign the document. If either of the parties is any other organization other than a company, an authorized representative (for example, general manager, managing partner, or any other officer of the organization) of the organization should sign the document.
The Land Use Act and the Lagos State Registration of Titles law and other state land registration laws regulate the registration of instruments transferring interest in a real property.
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