The Gift Agreement Between Individuals is essential for documenting gratuitous transfers of property or rights in the Philippines. This document is particularly important when the value of the gift is substantial or when formal documentation is needed for tax or legal purposes. It must comply with the Philippine Civil Code's provisions on donations (Articles 725-783) and may require notarization for certain types or values of gifts. The agreement typically includes detailed information about the donor and donee, specific description of the gift, any conditions attached to the donation, and provisions for delivery and acceptance. It's commonly used in family wealth transfers, estate planning, and other situations where one individual wishes to formally transfer property to another without compensation. The document helps ensure compliance with tax regulations, particularly the National Internal Revenue Code's provisions on donor's tax, and provides clear evidence of the transfer to prevent future disputes.
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Key Requirements PROMPT example:
Gift Agreement Between Individuals
"I need a Gift Agreement Between Individuals under Philippine law to transfer my beach house in Palawan to my nephew, with the condition that he maintains it as a family vacation home for at least 10 years, with the transfer to take effect on March 15, 2025."
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1. Parties: Identifies and provides full details of the Donor and Donee, including their complete names, addresses, and civil status
2. Background: Explains the context of the gift and the relationship between the parties if relevant
3. Definitions: Defines key terms used in the agreement for clarity and precision
4. Subject Matter of the Gift: Detailed description of the property or item being donated, including any relevant specifications, serial numbers, or identifying features
5. Declaration of Gift: Clear statement of the Donor's intention to transfer ownership of the gift to the Donee without any consideration
6. Acceptance: Express acceptance of the gift by the Donee, as required by Philippine Civil Code
7. Delivery: Details of how and when the gift will be transferred to the Donee
8. Representations and Warranties: Donor's declarations regarding ownership, right to give, and condition of the gift
9. Execution: Signature block and notarization provisions
1. Conditions: Used when the gift is subject to specific conditions or terms that must be met by the Donee
2. Tax Responsibilities: Include when there are specific agreements about who will handle any applicable donor's tax
3. Revocation Rights: Include when specific circumstances for possible revocation need to be outlined
4. Future Rights: Used when there are ongoing rights related to the gift that need to be specified
5. Registration Requirements: Include when the gift requires registration with government authorities (e.g., for real property)
6. Family Consent: Required when the gift involves conjugal property or requires spousal consent
1. Schedule A - Description of Gift: Detailed technical description or specifications of the gift, particularly useful for complex property or multiple items
2. Schedule B - Photographs: Visual documentation of the gift, particularly relevant for valuable items or real property
3. Schedule C - Valuation Report: Independent valuation of the gift, if required for tax purposes or documentation
4. Appendix 1 - Required Permits: Copies of any necessary permits or certificates related to the gift
5. Appendix 2 - Title Documents: Copies of ownership documents, particularly relevant for real property or vehicles
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