How to prepare a Gift deed by the land owner to his daughter for the flat that has been built under a joint development agreement and the builder has been given the Power of Attorney for construction and sale of the flat. The landowner has his undivided share of the land for the flat he got under the JDA. What should be the format for such an agreement?
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it should mention that landowner had given his land for development under JDA with builder and as per terms of agreement flat fell with in land owners share
2)that he is absolute owner of flat and out of natural love and affection has decided to transfer flat to daughter .
3) gift deed should be duly stamped and registered
Dear Sir,
What is a gift deed?
A gift deed is an agreement used when a person wishes to gift his asset (property or money) to someone. It is the transfer of certain existing (not future) moveable or immoveable property made voluntarily and without any consideration from one person (called ‘donor’) to another (called ‘donee’).
Who can gift property?
Any valid owner of an existing property can gift property. A minor is incompetent to gift a property though a guardian can accept such a gift on his behalf.
WHAT is the law that governs gifts by one person to another?
Transfer of Property Act, 1882.
What is a Transfer of Property?
Transfer of Property is an act by which a living person conveys property in present or in future to one or more living persons.
What may be transferred?
Property of any kind may be transferred, movable or immovable.
Can there be an oral transfer?
A transfer of property may be made without writing, if it is not expressly required by law. Gifts under the Islamic law may be made orally, as it does not require registration.
What is a gift?
It is a transfer of existing movable or immovable property made voluntarily without consideration by one person to another.
What are the ingredients of gift?
Gift is made by one person called the donor to another called the donee. There should not be any consideration for making a gift. That is, the donor should not receive consideration of any kind while making a gift. The donee should accept the gift in the lifetime of donor.
How gift of an immovable property is made?
Under the Indian Registration Act, any transfer of any immovable property, if the value of the property is more than Rs 100, should be in writing and should be registered.
What are the formalities for registering a gift deed?
The donor on requisite stamp paper should sign the deed. It should be attested by at least two witnesses; the donee should accept the gift.
What is meant by attested?
Attestation of an instrument (document) means that witnesses who sign the instrument should have seen the donor signing the gift deed and they should sign as witnesses in the presence of the donor and in the presence of each other.
Does gift of movable property require registration?
Gift of movable property, may or may not be registered. But delivery of the property and acceptance of it are essential.
How to effect delivery of the property?
The same way as goods is delivered in sale of goods.
What is the effect of a gift comprising both existing and future property?
A gift comprising both existing and future property is void.
Hello,
The landowner will transfer the rights that he is having to her daughter.
The gift deed will be accordingly drafted by an advocate.
You may get in touch with some advocate who may draft the same for you accordingly.
Regards
Share of flats must be clear through JDA. Referring the JDA, specific flat shall be gift to daughter. Gift deed will draft in general format except clear mention of flat location and no.
Gift deed will register at Sub registrar.
Hello,
We can't share a format here on this forum you need to contact us separately and get the services for the same
Warm greetings!!
First of all you have no right to gift the property as the builder has given you just a power to construct and sale the flat ..
Joint Development Agreement entered is between owner and the developer after which they enter into sharing agreement in which shares will be divided based on the shares owner and developer can sale their respective shares flats to 3rd party!!
However if sale deed is registered in your favour you will have a full right title interest to execute gift deed in favour of your daughter until and unless you have no right and such deed shall stand as void!!
For dratt of gift deed you will be a donor and your daughter will be done and other terms and condition you can approach a local lawyer of your state and draft the deed they will help you out for this orelse we shall send you the draft .
Moreover since you have no right to execute gift deed henceforth draft is not necessary!!
How builder got in the same way owner will also receive flats of his share on his name flat under JDA. once the flat is transferred from JDA to owner than owner can make normal gift deed according to flat no schedule of address etc.
See a gift deed can be made mentioning details of the JDA as the owner received the flat as his share from construction further along Flat the undivided share can also be gifted.
You can engage an advocate he shall help you in drafting and registering of the sale deed.
The owner of an immovable property can gift it to a relative or a third person. A gift is considered valid if it is made voluntarily and without consideration. It is also essential for it to be accepted by the donee.
You can consult an advocate to draft a gift deed for you. The same required the signatures of both the parties in the presence of at least two witnesses.
It will not be an agreement.
it will be a gift deed from owner to his daughter.
format depends on the property details you should visit with local property advocate with papers of property for drafting of gift deed.
The land owner has executed the PoA in favour of the builder to construct and sell the flats.Should the consent of the builder who has the PoA be included in the Gift deed? The flat has been identified by the builder, that belongs to the land owner and the ownership of the flat also has been obtained from the corporation. Will it be ideal to get the consent of the builder in view of the PoA still with the builder?
No consent for gift deed from builder is required.
See there is separate document copy of same can be annexed with the gift deed wherein the flat is given in land owner share. Also land owner is legally owner of all flats not allocated to builder.
You don’t need consent of builder to execute gift deed
Your just an GPA holder and right to transfer by gift does not exist!!
No say of builder flats belongs to the land owner
The format for gift deed is the same one which is used for all regular gift deeds of immovable property.
You may have add in the recitals the circumstances and status as well as nature of property as it is prevailing at the time of executing the gift deed
If the flat which the owner intends to transfer to his daughter by way of registered gift deed has been allotted to him by the builder as the quota of the land owner, then the owner need not obtain the consent of the builder for this act.
No need to take consent of the builder if landowner himself is making the sale.
Firstly get the flats on your name than make the Gift deed.