In a deed gift property it depends on the type of gift you are looking for. So let's say you grew up in let's say Dayton Ohio with your grandparents. Now you can problem guarantee that you are going to have a good childhood but I'm pretty shore that you will mess up in life and your grand parents will displace you. And you will learn a lesson but they promise to give you a house. Only if you stay
. in school and stay off of drugs. Now say they have to move into an old folks home and leave the house to you but they don't leave you the deed to the house .This means they can take back the house which is called the revocable version. Let's just say they left you the deed this means the house is yours free and clear .Ok this is called the irrevocable version. For more info go tohttp://www.lawdepot.com/contracts/gift-deed/?pid=googleppc-gfdeed_us-giftdeed_b1-s-ggkey_property%20gift%20deed&s_kwcid=property%20gift%20deed|636290543
