This form is a Gift Deed where the Grantors are husband or wife, or two individuals and the Grantee is an individual. The Grantors convey and generally warrant the described property to the Grantee in entirety.
Deed Of Gift Form For Property
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How to fill out Virginia Deed Of Gift - Husband And Wife Or Two Individuals To Indvidual?
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Gift Deed ? A gift deed is a special type of grant deed that ?gifts? ownership of real property interest to another person or entity. This deed is different from a standard grant deed because it specifically designates that the transfer was not subject to a sale, and the grantor received no monetary compensation.
These deeds need to be in writing and signed by the person giving the property in front of any notary. Once it has been properly prepared and signed, the deed needs to be filed with the county clerk for the county in which the property is located. The county will charge a filing fee of about $30 to $40.
A deed of gift must be signed by all parties, notarized by a Virginia notary, and witnessed by two or more parties who have no ownership interest in the property.
In Virginia, gifting a home involves transferring ownership of the property from the current owner (the parent) to their child or children as a gift. This transfer can be made during the parent's lifetime or after their death. Gifting a home can be done through a quitclaim deed or other legal instrument.
Virginia does not levy a state gift tax, but the grantor must pay the Federal Gift Tax.