For various reasons, the participant in the gift agreement to whom the property was gifted (the donee) may decide to refuse the gifted property after the transaction is concluded. How can this be done?
In this case, there are two options to choose from:
- The parties terminate the previously concluded gift agreement. This is done by drafting and signing an agreement on the termination of the gift agreement.
- The former donee acts as the donor and donates the received property to the previous owner. In this case, a new deed of gift is drawn up and signed.
In both cases, the consent of the original donor to accept the gift back is required. If the transaction is made in relation to property requiring registration (for example, real estate), the transfer of ownership is also subject to state registration.