A gift of deed is a legally binding contract that transfers the ownership of a real estate property from one person to another, according to the Real Estate Lawyers. The donor, the person that gives the gift of deed, hires a real estate attorney to draft, review and file the necessary legal paperwork required to transfer the property to the donee, the person who receives the gift.Continue Reading
According to the Real Estate Lawyers, a gift of deed contract must be witnessed by at least two uninvolved parties. There is no transfer of money between the two parties since the real estate in question is a gift.
Two types of gift of deed real estate contracts exist, according to Law Depot Law Library. The first is a revocable gift of deed that the donor keeps until she desires to give it to the donee. Under a revocable gift of deed, the donor can change her mind and revoke the gift of deed at any time. Under an irrevocable gift of deed, the donee becomes the legal owner of the property once the donor physically gives the legally binding transfer of ownership contract to the donee. The donor can never revoke this type of deed or later ask for monetary compensation for the gift.Learn more about Real Estate
A quitclaim deed is a deed used to transfer property ownership when no sale is involved, according to Realtor.com, meaning that there is no money exchanged and no title insurance issued in the transaction. A quitclaim deed only affects property ownership, not the financial responsibility of a mortgage.Full Answer >
A special warranty deed is used to convey a real estate title to the buyer and grants a warranty against the seller's actions during the seller's ownership only. It has fewer protections for the buyer compared to a general warranty deed, which warranties against defects through all ownerships.Full Answer >
An easement is an interest in land that grants or limits the right to use that land by someone who doesn't own or possess it, according to the legal firm Koley Jessen, and a permanent easement is one that is attached to the deed and continues to affect the land through subsequent changes in ownership. Easements, and their characteristics, are governed by state law.Full Answer >
Title is a legal term that means ownership while a deed is a legal document that serves to transfer the title of a piece of property from one party to another. The terms are used most often in the field of real estate, but deeds are also used in other circumstances.Full Answer >