Gift Agreement
1. Introduction
This Gift Agreement ("Agreement") is entered into on [Date], by and between [Your Name], hereinafter referred to as "Donor," and [Recipient's Name], hereinafter referred to as "Recipient." This Agreement outlines the terms and conditions under which the Donor agrees to transfer ownership of the described property or assets to the Recipient as a gift.
2. Recitals
Whereas, the Donor is the legal owner of residential property, hereinafter referred to as the "Gift."
Whereas, the Donor wishes to transfer ownership of the Gift to the Recipient as a voluntary gift without any consideration.
Whereas, the Recipient accepts the Gift under the terms and conditions outlined in this Agreement.
3. Gift Description
The Gift subject to this Agreement is described as follows:
Type of Property or Asset: Real State
Description: A single-family property, including all fixtures and improvements thereon.
Location (if applicable): [Address or location of the property]
4. Transfer of Ownership
The individual or entity named as the Donor in this Agreement, with immediate effect from the point at which this Agreement is signed and becomes operative, is transferring all associated rights, ownership title, and vested interest about the Gift – specified separately – to the party named as the Recipient in this Agreement.
5. Consideration
The transfer of the Gift is made without any monetary consideration or other form of compensation. The Recipient acknowledges that the Gift is being transferred as a voluntary act of generosity by the Donor.
6. Tax Implications
The parties acknowledge and agree that the transfer of the Gift may have tax implications for both the Donor and the Recipient. The Donor shall be responsible for any applicable gift tax obligations arising from the transfer, and the Recipient shall be responsible for any applicable income or property tax obligations resulting from the receipt of the Gift. The parties agree to consult with their respective tax advisors to determine the specific tax consequences and obligations related to the Gift.
7. Representations
The Donor represents and warrants that they have full legal right, power, and authority to transfer the Gift to the Recipient, and that there are no liens, encumbrances, or claims against the Gift.
8. Conditions Precedent
This Agreement is subject to the following conditions precedent:
9. Delivery
The Donor agrees to deliver all necessary documents and instruments of transfer to effectuate the transfer of the Gift to the Recipient promptly upon the execution of this Agreement.
10. Acceptance
The Recipient hereby accepts the Gift and agrees to take ownership of the Gift subject to the terms and conditions of this Agreement.
11. Governing Law
This Agreement shall be governed by and construed under the laws of [Jurisdiction], without regard to its conflict of law principles.
12. Entire Agreement
This Agreement constitutes the entire understanding between the parties concerning the subject matter hereof and supersedes all prior agreements and understandings, whether oral or written.
13. Severability
If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall continue to be valid and enforceable to the fullest extent permitted by law.
14. Signatures
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
[Your Name]
[DATE SIGNED]
[Recipient's Name]
[DATE SIGNED]
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