What is a deed of gift?

A deed of gift is a legal document used to transfer ownership of property from one person to another without any financial exchange or exchange for consideration. In Texas, a deed of gift is also known as a deed of donation. It is not the same as a deed of sale, which involves a purchase for money or other consideration. A deed of gift is used most commonly when transferring property to a family member or friend as a gift. Usually, the giver of the gift will have a real estate lawyer draw up the deed of gift to make sure the gift is legally binding. A deed of gift will indicate the name of the donor (the person giving the gift), the name of the recipient (the person receiving the gift) and the property being given. It might also include certain restrictions or conditions, such as if the property will be used for a specific purpose. In Texas, a deed of gift must be signed by the donor, acknowledged in the presence of a notary public, and then it must be filed in the county clerk’s office. Once the deed of gift is filed, it is legally binding and the recipient now owns the property.

Related FAQs

What is an interest in land?
What is an accession?
What is a landlord's duty to provide safe housing?
What are real estate taxes?
What is an affirmative servitude?
What is joint tenancy?
What is a covenant of seisin?
What is title insurance?
What is the rule against perpetuities?
What is the difference between a real right and a personal right?

What is a deed of gift?

Related FAQs

Related Blog Posts