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A Gift Deed is a document used to give a sum of money or to transfer ownership of property from one person or organization to another. It is often used to transfer gifts between family members, like if a parent wants to gift property to their child.
What are disadvantages of gift deed?
The donor must be the absolute owner of the property, it must not be the ancestral property. It is valid for any future transaction and u can mutate ur name as the owner of the property. The gift is generally irrevocable.
How do I gift a house in Arizona?
As with any conveyance of realty, a gift deed requires a complete legal description of the parcel. Recite the source of title to establish a clear chain of title, and detail any restrictions associated with the property. Finally, the deed must meet all state and local standards for recorded documents.
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