Gifting a property
Sam conveyancing is a website which holds a lot of beneficial data for people who are considering the purchase of a home. The website also explains to potential buyers what a declaration of solvency is. A declaration of solvency is required when a property owner wants to gift their share of a property. There are various different reasons why individuals may want to do this. It is very common among family members such as spouses or children. It can be a long and confusing process and the enlisting of excellent independent legal advice is certainly advised.
Some people may choose to gift their partner or children with a property to help them out in life, or to reduce the value of their assets. It could be gifted as a coming of age gift, or a wedding gift. The gesture is done often by people who own large quantities of properties all over the world. The process is, however, different depending on location. Some taxes and fees may also apply. The signing of a declaration of solvency needs to be done by a person who is fully aware of the consequences of their actions. The person signing it cannot be under duress or extorted. If a person is proven to have signed it under duress, the declaration may be considered void.