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Simple English definitions for legal terms
gift deed
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A quick definition of gift deed:
A gift deed is a written document that transfers ownership of property from one person to another as a gift, without any payment in return. It is a type of deed, which is a legal document that shows who owns a piece of land or property. A gift deed is usually given for love and affection or for a nominal sum of money. It is a way for someone to give a gift of property to another person without any strings attached.A more thorough explanation:
A gift deed is a type of legal document that transfers ownership of property from one person to another without any exchange of money or other consideration. It is a type of deed, which is a written instrument used to convey an interest in real property.
For example, if a parent wants to give their child a piece of property as a gift, they can use a gift deed to transfer ownership. The child would become the new owner of the property without having to pay for it.
Another example would be if a person wants to donate land to a charity. They can use a gift deed to transfer ownership of the land to the charity without any exchange of money.
Gift deeds are often used for estate planning purposes, as they can help to avoid probate and transfer property to heirs without the need for a will.