Arizona Gift Deed
Description
How to fill out Gift Deed?
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FAQ
A. No instrument affecting real property is valid against subse- quent purchasers for valuable consideration without notice, unless recorded as provided by law in the office of the county recorder of the county in which the property is located.
Hear this out loud PauseAll transfers of property in Arizona must be in writing. The deed must be signed by the grantor and notarized by an authority granted those duties in the state.
Hear this out loud PauseFirst, there's exposure to the co-owner's creditors. Once another person is added to the deed, the property can become exposed to their financial risks. If the other person has debts or legal issues, the property could potentially be seized by their creditors. Then, there's a loss of control to consider.
Hear this out loud PauseAdding a family member to the deed as a joint owner for no consideration is considered a gift of 50% of the property's fair market value for tax purposes. If the value of the gift exceeds the annual exclusion limit ($16,000 for 2022) the donor will need to file a gift tax return (via Form 709) to report the transfer.
Hear this out loud PauseYour parents can put your name on the deed to their house. Many people might see this as a simple method of estate planning. However, it may be a bad idea.
Transferring or Adding Someone to the Title of a House in Arizona. Sometimes it is desirable to add someone to the title of a house you own. Arizona offers two ways to accomplish this: a quit claim deed or a warranty deed.
Arizona real estate is transferred using a legal document called a deed. A deed allows the current owners (grantors) to transfer property to new owners (grantees). Once the deed is signed, it is recorded in the land records of the county where the property is located.
