A Michigan Gift Deed is a legal document utilized for the voluntary transfer of real property from one party, known as the granter, to another, referred to as the grantee, without any monetary consideration involved. This legal instrument guarantees that ownership of the property is effectively transferred to the grantee as a gift, without the need for a traditional purchase transaction. Gift Deeds are highly beneficial for individuals who wish to transfer property ownership to family members, loved ones, or charitable organizations without the exchange of money. These types of transfers are often motivated by personal or estate planning reasons, including gifting property assets during one's lifetime to minimize potential tax liabilities or to solidify financial provisions for future generations. In Michigan, there are two common types of Gift Deeds: 1. Inter Vivos Gift Deed: Commonly referred to as a "Gift Deed," it allows the granter to convey property ownership to the grantee while still being alive. This type of Gift Deed enables the granter to retain control over the property until their death or until they decide to transfer the property by other means. Inter Vivos Gift Deeds in Michigan require the granter to sign the deed, have it notarized, and record it with the county register of deeds where the property is located. 2. Testamentary Gift Deed: This type of Gift Deed in Michigan takes effect upon the granter's death and is typically included in their last will and testament or a separate trust document. The granter can make provisions in their estate planning documents to transfer real property as a gift to a specific individual or organization upon their demise. Testamentary Gift Deeds must comply with Michigan's probate laws and undergo the necessary legal processes, such as probate administration or trust distribution, before the transfer of ownership is finalized. Understanding the different types of Michigan Gift Deeds is crucial when considering property transfers as gifts. It is highly recommended consulting with a qualified attorney or real estate professional who specializes in Michigan property law to ensure that the deed is drafted correctly and complies with all legal requirements.
Michigan Gift Deed
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How to fill out Michigan Gift Deed?
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To do so, the original property owner must add a new co-owner to the deed and choose a form of co-ownership that includes a right of survivorship. Michigan recognizes two co-ownership forms with a right of survivorship: joint tenancy with right of survivorship and tenancy by the entirety.
There will be a $30 recording fee. If you prepare a quitclaim deed using the Do-It-Yourself Quitclaim Deed (after Divorce) tool, detailed instructions on what to do next will print out along with the deed.
One of the most common types of deeds people are familiar with in Michigan are quitclaim deeds. These are used to quickly transfer property and are done using forms filed with the county. The document gives the person signing for the property the same interests in the real estate currently held by the existing owner.
Sign and date the quitclaim deed in a notary's presence, then file it with the County Register of Deeds Office in the property's county, not the county where you live. Once the deed is filed and recorded, the transfer is deemed legal.
Affidavit must be filed by the new owner with the assessor for the city or township where the property is located within 45 days of the transfer. The information on this form is NOT CONFIDENTIAL.
There are different options to have property transferred to another person. Simply adding someone's name to a property through the use of a quit claim deed or a similar document gives you the ability to gift real estate while you are still alive.
