Deed of gift of immovable property by father in favour of the trustee for the benefit of minor
THIS DEED OF GIFT made the ________ day of __________
_________________________________________________ (insert the name, address, etc. of father) (hereinafter called the donor) of the ONE PART
_______________________________________________ (insert the name, address, etc. of trustees) (hereinafter called the trustees) of the OTHER PART.
- The donor is the absolute owner in possession of the property described in the Schedule hereunder written and hereinafter referred to as “the said property” free from encumbrances.
- The donor is desirous of making a gift of the said property to (son) being the son of the donor and a minor and the trustees for the purpose of giving effect to the said intended gift have agreed to join in this deed in manner hereinafter appearing.
NOW THIS DEED WITNESSETH as follows:
- In consideration of his natural love and affection for the said (son) the donor hereby conveys unto the trustees all that (parcels) more fully described in the Schedule hereto and hereinafter referred to as “the said property” TO HOLD the same unto the trustees absolutely and forever free from all encumbrances.
- The trustees shall hold the said property upon trust to sell the same with power in their absolute discretion to postpone the sale thereof and shall hold the net proceeds of sale and other monies applicable as capital arising from the said property and the net income therefrom until sale upon trust for the said (son) upon attaining the age of majority.
- It is hereby declared that the trustees for the time being of this deed shall have full power to mortgage charge lease or otherwise dispose of except by gift all or any part of the said property with all the powers in that behalf of an absolute owner.
- The trustee hereby accept the said gift hereby made on behalf of the minor beneficiary.
- The property which is the subject matter of this gift is valued at Rs.________ for the purpose of Stamp duty.
IN WITNESS etc.
THE SCHEDULE ABOVE REFERRED TO:
(Description of immovable property)
[Signatures of donor and trustees]