Landed property, or real estate, is not like other material things or goods that can be gifted to someone by a mere wave of hand, therefore it is governed by a law that needs to be complied with to make it valid. Here are tips on how you can make a valid gift of property to your loved ones;
- Deed of gift – if you want to give out your property to any of your family members or friends gratuitously the best means to achieve that is through a deed of gift. Deed of gift is a legal instrument prepared by lawyers that can be use to transfer such interest in the property as required by law.
- Write Will – another way you can validly give out your property to another person gratuitously is through a written will. You need to engage your lawyer to prepare the will and deposit same in the probate registry at the appropriate High Court. It should be noted that Wills operates after the maker is dead.
- Deed of Assignment – you can also make a valid gift of property to your loved ones by purchasing the property in their names. In such situation your lawyer will have to prepare a Deed of Assignment and have it executed between the person receiving the gift and the vendor.
- Irrevocable power of attorney – another means that you can employ to validly gift an estate to someone else gratuitously is through execution of a power of attorney in favour of the person, transferring all your interest in the property to the donee. Again it’s your lawyer that will draft same for you and get it notarized.
Summary
A gift of property may be declared invalid by the court if the due process was not followed thereby defeating the intention of the property owner therefore care much be taken to ensure the gift complies with the law. As a property owner intending to gift or be gifted a property remember to use any of the listed methods.
- Deed of gift
- Wills
- Deed of Assignment
- Irrevocable power of attorney
