What is a Real Estate Gift Agreement?
A real estate gift contract is used when the donor gives away his real estate property to another person (the beneficiary).
When do I need a real estate gift contract?
Always for the real estate gift transaction.
Do I need a written real estate gift contract?
Yes. The law mandates the real estate property transfer only via the written contract with the donor’s signature verified by the notary public. The reason behind it is a very formal and regulated procedure of the ownership transfer by registration in the land registry.
What is regulated in the real estate gift contract?
The contract regulates, for example: - parties to the contract
- the donor’s warranties of the legal and factual state of the property
- the exact description of the property (needs to be precise and identical to the one on the excerpt)
- the moment of the ownership transfer and the permit to the buyer to register as the owner (transfer deed)
- transfer of the property possession (not the same as the ownership transfer)
- transfer of other obligations related to the property (utilities and similar)
- payment of taxes and the property transfer costs
- other rights and obligations of the parties
A few simple steps and your contract is ready
When do I need a real estate gift contract?
Always for the real estate gift transaction.
Do I need a written real estate gift contract?
Yes. The law mandates the real estate property transfer only via the written contract with the donor’s signature verified by the notary public. The reason behind it is a very formal and regulated procedure of the ownership transfer by registration in the land registry.
What is regulated in the real estate gift contract?
The contract regulates, for example:
- parties to the contract
- the donor’s warranties of the legal and factual state of the property
- the exact description of the property (needs to be precise and identical to the one on the excerpt)
- the moment of the ownership transfer and the permit to the buyer to register as the owner (transfer deed)
- transfer of the property possession (not the same as the ownership transfer)
- transfer of other obligations related to the property (utilities and similar)
- payment of taxes and the property transfer costs
- other rights and obligations of the parties
A few simple steps and your contract is ready