5 questions about the contract of donation

Darment contract 🎁 is a popular way of transmitting conditionally inherited property between relatives and not only.

According to the experience, we know that these questions arise most often if you decide to give your real estate or take as a gift.

1️⃣ Does the tax pay the one who gives an apartment?

The donor tax does not pay.  In this case, he is not a seller.

2️⃣ And the one who gets as a gift is paying tax?

If you receive an apartment from an outsider (friend, neighbor, etc.), then in this case the tax will have to pay you.  From January 1 to April 30 of the next year, you should submit a declaration and to pay a tax in the amount of 5% of the contract until July 1.

No need to pay tax if you get real estate as a gift from a close relative: parents, husband or wives, children.

3️⃣ Is it possible to terminate the contract of donation?

Of course, any contract can be terminated.  And the donation agreement has a number of points, according to which one can return a gift to the former owner.  Fundy statute - 1 year.

4️⃣ Is the presented apartment in the jointly acquired property of spouses?

All that buy in marriage is your shared accomplice with the spouse and is subject to section 1/2 to each divorce.  ❗️ But the property obtained by gratuitous transactions to the joint does not apply.  This property can be disposed of without the consent of the second half.

5️⃣ Can I give an apartment to a minor?

Of course.  But in this case there must be the consent of the parents or trustees and guardianship bodies.  From the age of 16, it is independently allowed to make transactions, provided that the court or guardianship authorities state the fact of the legal capacity of a minor to a complete extent.

If you have any questions, call tel.  📞 +380672420707.
Let's help in a short time to sell or buy you real estate.