Texas Gift Deed of Nonparticipating Royalty Interest with No Warranty
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How to fill out Gift Deed Of Nonparticipating Royalty Interest With No Warranty?
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FAQ
Do you have to pay taxes on a gift deed in Texas? Yes, gift taxes can be a factor when transferring ownership of real estate, but only if the property is valued over the federal gift limit.
Gift Deed or Warranty Deed? Words Have Consequences. Generally, in an unambiguous deed, parol evidence cannot be used to ascertain the intent of the parties, so a warranty deed will be held to be a purchase and not a gift, and gift deed will be a gift. Parol evidence will not be received to contradict the instrument.
Under Texas law, a forged deed is void. However, a deed procured by fraud is voidable rather than void. The legal terms ?Void? and ?Voidable? sound alike, but they are vastly different. A void instrument passes no title, and is treated as a nullity.
A Texas gift deed must include the following information: 1. The names and addresses of the parties, including the grantor (the person giving the gift) and the grantee (the person receiving the gift). 2. The legal description of the property, including the address, if applicable.
Good to know: Beware that a Gift Deed cannot be revoked. Once the property is given away, you cannot get it back unless the person who received it transfers it back.
