Delaware Gift Deed
Description
How to fill out Gift Deed?
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FAQ
Transfer taxes in Delaware are 4% of the purchase price of the property, with 2.5% going to the state and 1.5% going to the county. Common practice is for the buyer and seller to split the transfer tax costs evenly, with both the buyer and seller paying 2%.
Delaware taxes real estate transfers at 4% of the purchase price for the property being transferred. However, Delaware law has a provision that allows for the county where the property being sold to levy a real estate transfer tax of 1.5%.
Unlike some states, Delaware does not currently allow the use of TOD deeds for real estate. Instead, other instruments such as joint tenancy or revocable living trusts are typically used to avoid probate when transferring real estate upon death.
Five years ago, when Delaware was having serious financial issues, lawmakers agreed to raise some taxes and fees to meet the legal requirement of having a balanced budget. One measure adopted was raising the real estate transfer tax from 3% to 4%. The tax is the money levied on the sale of property.
In order for a deed to be valid and enforceable, it must be in writing; describe with specificity the property conveyed; specify the names of the grantor and grantee; be signed; be sealed; be acknowledged; and be delivered.
The Process of Transferring Property Identify the recipient or donee. Discuss the terms and conditions of the transfer with that person. Complete a change of ownership form. Change the title on the deed. Hire a real estate attorney to prepare the deed. Notarize and file the deed.
You are exempt from paying transfer taxes on the first $400,000 of your home if this is your first time buying property. The maximum value of this reduction is $2,000. First-time homebuyers who are purchasing property for more than $400,000 will pay a 1.25% tax rate on the amount above $400,000.
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.
