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Can letter transfer land?

Got a bit of land from a good friend. Is it legal when put in a letter? Thanks,

A  letter does not transfer legal title to you and you should make arrangements to have your friend transfer this title by formal deed into your name as soon as possible.   If this is a gift then it is possible that the letter without doing a Deed to back it up can be revoked at any time and if your friend were to die, then the Executor of the Estate might not be obliged to recognise the gift.  You should see your Solicitor to put things right as soon as possible. And while you're with your solicitor ask him/her about possible liability to Capital Acquisitions' Tax.

Here's the Capital Acquisitions Tax Table from the Revenue Website. If there's a gift involved and you are not a relative (you say is a friend - that is a "stranger in blood") to the transferor then you are a Class C taxpayer.

Group Relationship to Disponer Group Threshold 2006
(after indexation)
Group Threshold 2007
(after indexation)
Group Threshold 2008
(after indexation)
A Son/Daughter €478,155 €496,824 €521,208
B Parent*/Brother/Sister/
Niece/Nephew/Grandchild
€47,815 €49,682 €52,121
C Relationship other that Group A or B €23,908 €24,841 €26,060

 

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