To file a gift deed, you’ll need to prepare the deed, sign it in front of a notary, and then record it with the county clerk’s office. It’s like planting a flag in new territory!
You can use a gift deed for a property with a mortgage, but the mortgage lender must be notified, as the mortgage doesn’t disappear just because the property changes hands.
While it’s not required to have a lawyer, getting one can help ensure that everything is done correctly and that the document stands strong in case of any disputes down the line.
Pretty much anyone can gift property, as long as they have the legal right to do so. So, whether it’s a parent, grandparent, or even a friend, it can work!
Once a gift deed is signed and recorded, it’s generally a done deal. It's harder to reverse than a handshake—a lot of legal steps would be needed to change it.