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Gift Agreement Between Individuals
"I need a Gift Agreement Between Individuals to transfer ownership of my ancestral family home in Lagos to my eldest daughter, with the condition that it remains in the family for at least two generations and cannot be sold before January 2025."
1. Parties: Identifies and provides full details of the donor and recipient, including their full legal names, addresses, and contact information
2. Background: Brief context explaining the relationship between parties and the donor's intention to make the gift
3. Definitions: Defines key terms used in the agreement, including description of the gift and any relevant technical or legal terms
4. Gift Details: Detailed description of the gift, including any identifying features, serial numbers, or specific characteristics
5. Declaration of Gift: Clear statement of the donor's intention to make the gift and transfer ownership immediately and irrevocably
6. Acceptance: Recipient's formal acceptance of the gift and acknowledgment of receipt
7. Transfer of Ownership: Specifics about when and how ownership transfers, including delivery details if applicable
8. Representations and Warranties: Donor's confirmation of ownership and right to give the gift, and that the gift is free from encumbrances
9. Governing Law: Specification that Nigerian law governs the agreement
10. Execution: Signature blocks for both parties and witnesses
1. Conditions: Include when the gift is subject to specific conditions that must be met by the recipient
2. Tax Implications: Include when the gift has significant value and parties wish to acknowledge their understanding of tax responsibilities
3. Maintenance and Costs: Include for gifts that require ongoing maintenance or have associated costs
4. Return Provisions: Include when there are specific circumstances under which the gift might need to be returned
5. Third Party Rights: Include when the gift might affect the rights of other family members or third parties
6. Dispute Resolution: Include when parties wish to specify how potential disputes should be handled
7. Severability: Include when the agreement is complex enough to warrant protection of remaining provisions if some are found invalid
1. Schedule 1 - Gift Description: Detailed technical description, photographs, or specifications of the gift item(s)
2. Schedule 2 - Delivery Details: Specific arrangements for transfer of possession, including timing and logistics
3. Schedule 3 - Valuation Certificate: Independent valuation of the gift if required for tax or insurance purposes
4. Appendix A - Proof of Ownership: Copies of relevant ownership documents, titles, or certificates
5. Appendix B - Condition Report: Detailed description of the gift's condition at time of transfer, particularly for valuable items
Authors
Legal Services
Wealth Management
Private Banking
Family Office Services
Real Estate
Personal Property
Art & Collectibles
Financial Services
Estate Planning
Tax Advisory
Legal
Wealth Management
Private Banking
Estate Planning
Tax Advisory
Client Services
Property Administration
Document Management
Family Office Administration
Lawyer
Legal Counsel
Wealth Manager
Estate Planner
Tax Advisor
Private Banker
Family Office Manager
Property Manager
Legal Administrator
Notary Public
Financial Advisor
Trust Officer
Personal Financial Planner
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