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Transferring property or money by way of gift must be executed as a Deed because no consideration is given in return for the gift, thus the document has to be witnessed. Please note that the witnesses have to be disinterested parties. In other words they cannot have a stake in the transfer of the property.
D. No recordation tax shall be required for the recordation of any deed of gift between a grantor or grantors and a grantee or grantees when no consideration has passed between the parties. Such deed shall state therein that it is a deed of gift. E.
Virginia Gift Deed Information. Gifts of Real Estate in Virginia. A gift deed, or deed of gift, is a legal document voluntarily transferring title to real property from one party (the grantor or donor) to another (the grantee or donee). They typically transfer real property between family or close friends.
D. No recordation tax shall be required for the recordation of any deed of gift between a grantor or grantors and a grantee or grantees when no consideration has passed between the parties.
D. No recordation tax shall be required for the recordation of any deed of gift between a grantor or grantors and a grantee or grantees when no consideration has passed between the parties.
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People also ask

Can I gift my property to a family member? Yes, you can gift a property to a loved one, whether thats a partner, a child or someone else.
A deed of gift can help you legally reduce your exposure to inheritance tax thus ensuring you pass on as much of your estate as possible to family and friends and avoid the lengthy probate process.
A Deed of Gift is a legal document that is used to transfer ownership of property from one person to another as a gift. It is often used to transfer ownership of property from a parent to a child. Solicitors can ensure that the deed is legally binding and that the correct legal procedures are followed.
A gift of property is subject to capital gains tax (CGT), which is charged on any profit arising, or treated as arising, on the gift. Where a gift is made to a close family member, the market value of the asset is substituted for any sums which are actually paid and CGT is charged on the gain deemed to arise.
A Deed of Gift is a formal legal document used to give a gift of property or money to another person. It transfers the money or ownership of property (or share in a property) to another person without payment is demanded in return.

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