Lawpath - Gift deed
the following template
- Gift deed
- Your first template is free
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
Whether it's for Christmas, a birthday or 'just because', when giving a gift it's not usually our first instinct to draft a lengthy legal document. If you're thinking about transferring property to someone as a gift or with no expectation of payment, however, you might want to consider a gift deed.
Read on to find out exactly what a gift deed is, when you might need one and where you can find free templates to help you prepare your own.
A gift deed, sometimes referred to as a deed of gift, is a legal document used to transfer ownership of property from between parties when the giver doesn't want payment for it from the recipient. Property can be a sum of money, goods or actual property (realty).
A gift deed acts as proof of the transfer and helps to avoid any misunderstandings of ownership. It is also irrevocable and once the deed has been executed, a transfer must be made to the recipient.Download this template at Lawpath
A gift deed is useful when one party wants to voluntarily gift property with conclusive evidence of their intentions. This helps in cases where there could be a misunderstanding as to who owns the property or whether the property was loaned instead of gifted.
Many people use a gift deed when gifting property to family members or close friends. A gift deed shows what the giver's intentions are upfront, especially to parties who believe they have a claim to the property.
Both a gift deed and a will are legal documents that allow you to transfer ownership of your property to another party. The main difference between the two is that the property is exchanged immediately following execution of a gift deed, while the transfer takes effect after the death of the person executing a will.
Depending on the property being transferred, there are also different tax treatments for a will vs a gift deed.
The aim of a gift deed is to provide clear evidence of the gift giver's intentions to transfer ownership of property and remove any doubt for anyone who believes they have a claim to the property.
A gift deed should have a few standard elements including:
The gift deed should include that the gift giver is transferring the property voluntarily, out of their own choice without any force or coercion.
While it is not compulsory to execute a gift deed to gift property, having one in place creates a valid documentary record. In many instances, a gift deed should be sufficient proof of transfer of ownership. In some cases it's not legally enforceable if the gift recipient requires further help from the giver to complete a transfer.
The type of property being gifted might mean there are additional requirements for a transfer to be legally recognised. For anything more complicated than personal goods, you should consider legal advice to make sure a gift deed is appropriate.
There are two types of property when it comes to gift deeds: movable (eg. jewellery) and immovable (eg. real estate). You will need to register the gift deed if the property being gifted is immovable. There may also be several types of fees and taxes that will need to be paid by both the gift giver and the receiver when transferring property to family or friends using a gift deed.
When it comes to something as complicated as transferring property, it's best to use a template to make sure you capture all the necessary elements of a gift deed. There are many samples and examples available online to give you an idea of what to include. Some legal websites even offer free gift deed templates where you can input your information and download the completed document to be printed.
Navigating the world of legalese is never easy, especially when you're trying to do something that should be simple, like giving a gift. Fortunately, there are several resources available online to help you.
Below we've listed a few options to get your hands on a gift deed template and take the guesswork out of creating your document.
Equip yourself with the right know-how to open your own wallpaper business.
A guide to help you start your web developer business off on the right foot.
Do you love working with animals? Find out how to start your pet sitting business.
Get set up to provide support services remotely with our guide to launching a virtual assistant company.
Find the right granny flat insurance, whether you're renting yours out or you've moved into one.
From qualifications to getting the right insurance in place, here’s our guide to starting your beautician business.
Save yourself tax dollars with a Division 7A loan agreement.
How to hire an experienced harassment lawyer to make sure you receive a fair outcome for your claim.
Rebrand and evolve your business the right way with a change of business name template.
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product or service.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan.
Products marked as 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money here.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.