This form is a deed of trust modification. It is to be entered into by a borrower, co-grantor, and the lender. The agreement modifies the mortgage or deed of trust to secure a debt described within the agreement. Other provisions include: renewal and extension of the lien, co-grantor liability, and note payment terms.
Deed Of Trust Vs Deed Of Gift In Bexar
State:
Multi-State
County:
Bexar
Control #:
US-00183
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
The Gift Deed needs to be in writing. It must include the full name of the current owner and the full name, mailing address and vesting of the new owner. The property needs to be properly described.
Generally trusts are used as they allow the settlor a degree of control over how the property is to be used whereas gifts are used when no control over the asset is required. There is also different tax treatment of each type of deed.
There are also some disadvantages to using gift deeds: It is irrevocable post-execution, which can lead to complications if problems arise in the future between the donor and donee. There are extra costs in the form of stamp duty, which vary from state to state.
Texas also has no gift tax, meaning the only gift tax you have to worry about is the federal gift tax. The gift tax exemption for 2025 is $19,000 per recipient, which is an increase over the $18,000 mark set for 2024.
As of the last knowledge update in 2022, individuals can gift up to $15,000 per recipient per year without triggering the gift tax. Amounts exceeding this threshold are subject to the federal gift tax, but a lifetime exclusion exists.
To prepare a gift deed, you need to include the legal description of the property, the names of the donor and recipient, a clear statement indicating the gift's nature and have it notarized before filing it with the county clerk's office.
Disadvantages of a Trust Deed For borrowers, if financial circumstances change, default on repayment can result in property foreclosure.