Gift By Father To His Son Of Land With Mortgage Legal Draft Template

GIFT BY FATHER TO HIS SON OF LAND WITH MORTGAGE

THIS DEED of gift is made at ........... on this ...............day of

.......... 20.....between .......................

s/o......................... r/o.............................

(hereinafter referred to as " the Grantor") of the ONE PART and

....................... s/o.........................

r/o............................. (hereinafter referred to as "the

Grantee") of the OTHER PART.

WHEREAS

(1) The grantor is absolutely possessed of or otherwise well and

sufficiently entitled to the land with building, more particularly

described in the Schedule hereto and, hereinafter called "the said

property" subject only to the mortgage next hereinafter recited.

(2) By a mortgage deed (hereinafter called "the mortgage") dated

.............. and made between the grantor of the ONE PART and Shri

....... of the OTHER PART, the said property was mortgaged to the said

D to secure the principal sum of Rs. ............. (Rupees

......................) and interest thereon as therein mentioned.

(3) A sum of Rs. ........ (Rupees .............................)

towards principal together with Rs. ........ (Rupees

..........................) as interest thereon till the date of this

deed remains now owing upon the security of the mortgage.

(4) The grantor is desirous of making a gift of the said property,

subject to the mortgage to the donee.

NOW THIS DEED WITNESSETH AS FOLLOWS:

(1) In consideration of his natural love and affection for the

grantee, the grantor hereby transfers and conveys unto the donee all

that the property particularly described in the Schedule attached

hereto to hold the same unto the donee absolutely for ever subject to

the mortgage and to the principal sum and all interest henceforth to

become payable in respect thereof.

(2) The grantee accepts the said gift and hereby covenants with the

grantor that the grantee or his successors, heirs or the persons

deriving title under him will pay principal money and interest secured

by and henceforth to become due under the mortgage and will hereafter

keep the grantor, his estate and effects indemnified from all claims,

proceedings and demands in respect thereof.

(3) The value of the property is Rs......... (Rupees

.........................)

IN WITNESS WHEREOF, the parties aforementioned have hereunto set their

hands on the day and year first above written.

The Schedule above referred to

WITNESSES :

Signed and delivered by the within named grantor

Signed and delivered by the within named grantee