Alabama Gift Deed
Description
How to fill out Gift Deed?
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FAQ
A correction deed is an instrument used to correct an error in a deed that has been recorded at an earlier date. In order to correct a prior deed on record, use a correction deed, which must be notarized and recorded at the same county agency as the earlier deed.
A grantor may make a gift of property to the grantee, and use a grant deed form or a quitclaim deed form for the purpose. Grantor may, but need not, say in the deed that grantor makes the transfer because of love and affection for the grantee.
A Deed of Gift is a great way to formalise an intention to gift money or assets to someone. A Deed of Gift is particularly effective for recording a gift from parents to children for the purpose of purchasing a home.
The deed should be signed by the current owner or owners, with each signature notarized using Alabama's statutorily approved acknowledgments. There is no need for the new owners (grantees) to sign the deed.
Not recording a deed can cause problems for the grantee. They may be unable to obtain a mortgage, insure the property, or sell it. Even more problematic, an unrecorded deed may make it possible for the grantor to sell the property to a buyer and subsequently sell the same property to a different buyer.
50 per $500 or $1.00 per $1000 on value of property conveyed - charged in increments of $500. The amount of value conveyed is always rounded to the nearest $500. A $1.00 ?no-tax? fee is charged on deeds that are tax exempt.
Attorney Involvement All legal documents must be drafted by an attorney licensed to practice in the State of Alabama. Parties to a transaction can draft their own documents if they are doing so on behalf of themselves.
The deed should be signed by the current owner or owners, with each signature notarized using Alabama's statutorily approved acknowledgments. There is no need for the new owners (grantees) to sign the deed.
