The Revocable Gift Deed is a crucial legal document used in the Philippines when an individual (donor) wishes to transfer property to another party (donee) while maintaining the right to revoke the gift under certain circumstances. This document is commonly used in family arrangements, estate planning, and property transfers where the donor wants to retain some control over the gifted property. It must comply with the Civil Code of the Philippines and related regulations, including proper execution before a notary public and registration with appropriate authorities if real property is involved. The deed should clearly specify the property being transferred, conditions for revocation, tax obligations, and delivery terms. It's particularly important to note that this type of deed differs from an irrevocable gift deed, as it provides the donor with the flexibility to reclaim the property under specified conditions.
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1. Parties: Identification of the Donor and Donee with complete names, civil status, addresses, and citizenship
2. Background: Context of the gift, relationship between parties, and donor's intention to make a revocable gift
3. Definitions: Definition of key terms used in the deed including 'Gift Property', 'Delivery', 'Revocation', etc.
4. Subject Matter of the Gift: Clear description and details of the property being gifted
5. Declaration of Gift: Express statement of the donor's voluntary intention to transfer the property as a gift
6. Right of Revocation: Clear statement of the donor's right to revoke the gift and the conditions under which revocation can occur
7. Delivery and Acceptance: Terms of delivery of the gift property and express acceptance by the donee
8. Warranties and Representations: Donor's warranties regarding ownership and right to give the property
9. Tax Obligations: Responsibilities for payment of donor's tax and other applicable taxes
10. Execution: Signature block and notarial acknowledgment
1. Conjugal Property Declaration: Required when the gift property is conjugal property, stating spouse's consent
2. Conditions and Restrictions: Any specific conditions attached to the gift or restrictions on use
3. Registration Requirements: Include when the gift involves real property requiring registration
4. Mortgage or Encumbrance Declaration: Required if the property has any existing liens or encumbrances
5. Family Home Provisions: Needed if the property is a family home under Philippine law
6. Powers of Attorney: Include if any party is acting through an attorney-in-fact
1. Schedule A - Property Description: Detailed technical description of the gift property, including boundaries, title details, etc.
2. Schedule B - Property Documents: List of all relevant property documents being transferred
3. Schedule C - Existing Encumbrances: Details of any existing mortgages, liens, or encumbrances on the property
4. Appendix 1 - Property Photos and Plans: Visual documentation of the property (if applicable)
5. Appendix 2 - Required Permits and Certificates: Copies of necessary governmental or regulatory permits
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