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Forma de cesión de contrato por escritura. - Distrito de Columbia
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés.
For your convenience, the complete English version of this form is attached below the Spanish version.
A real estate deed of gift is a legal document that transfers ownership of a property from one party (the donor) to another (the recipient) without any monetary compensation. It is essentially giving a property as a gift.
There are several reasons someone may use a real estate deed of gift. It could be a generous gesture to transfer ownership to a loved one, a way to avoid probate or estate taxes, or to fulfill charitable intentions.
Yes, anyone who is the legal owner of a property can create a real estate deed of gift. However, it is advisable to consult with a real estate attorney to ensure all legal requirements are met.
A real estate deed of gift should include the names and addresses of the donor and recipient, a detailed property description, the intent to transfer ownership as a gift, and the signatures of both parties.
Yes, there can be tax implications. In the District of Columbia, both the donor and the recipient may need to consult with a tax professional to understand the potential impact on property taxes, gift taxes, and any federal or state income taxes.
Once the real estate deed of gift is executed, it should be recorded with the District of Columbia Recorder of Deeds. This ensures that the transfer of ownership is officially recognized.
In most cases, a real estate deed of gift cannot be easily revoked. Once ownership is transferred, it typically becomes the property of the recipient unless there are specific legal grounds for revocation.
No, a real estate deed of gift is different from a regular deed. A deed of gift involves transferring ownership without any monetary exchange, while a regular deed is often used for typical property transactions involving money.
While it is not legally required to have a lawyer create a real estate deed of gift, it is highly recommended. A lawyer can ensure that all legal requirements are met, provide guidance on tax implications, and help avoid potential complications.
Yes, a real estate deed of gift can be used for both residential and commercial properties. The process and legal considerations are generally the same, although there may be additional factors to consider for commercial properties.
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