Oklahoma Gift Deed

• Category: Oil Gas and Minerals - Deeds
• State: Multi-State
• Control #: US-OG-053
• Format: Word; Rich Text

Description

This Gift Deed conveys to the Grantee all of the Grantors interest in lands (including all surface, mineral, and royalty interests). A Gift Deed is a legal document used in Oklahoma to transfer ownership of real estate property from one person, known as the donor, to another person, known as the done, without any exchange of money or compensation. It is a voluntary transfer of property rights, usually given as a gift or donation. The Gift Deed is used to officially document and formalize the transfer of ownership, providing legal protection to both the donor and the done. This document must meet the requirements set forth by the Oklahoma statutes to be considered legally valid. In Oklahoma, there are two main types of Gift Deeds depending on the donor's intention and the involvement of the third parties: 1. Inter vivos Gift Deed: Also known as a lifetime gift, this type of Gift Deed is executed and delivered during the donor's lifetime. It involves the immediate transfer of property ownership to the done, with the donor relinquishing all rights and interests. The donor must be mentally competent and voluntarily willing to gift the property without any consideration. 2. Cause Morris Gift Deed: Also known as a gift in contemplation of death, this type of Gift Deed is executed when the donor is in a life-threatening situation, such as being seriously ill or facing imminent peril. The gift only becomes effective if the donor dies due to the circumstances contemplated. If the donor recovers, the gift is considered void. Both types of Gift Deed must comply with the statutory requirements in Oklahoma, including being in writing, signed by the donor, and delivered to the done. Additionally, it is advisable but not required to have the document notarized and recorded with the county clerk's office where the property is located to ensure its validity and establish a clear chain of ownership. In conclusion, an Oklahoma Gift Deed is a legal document used to transfer ownership of property as a gift, without any exchange of money. The two main types are Inter vivos Gift Deeds and Cause Morris Gift Deeds, each serving different purposes based on the donor's intention and the involvement of life-threatening circumstances.

A Gift Deed is a legal document used in Oklahoma to transfer ownership of real estate property from one person, known as the donor, to another person, known as the done, without any exchange of money or compensation. It is a voluntary transfer of property rights, usually given as a gift or donation. The Gift Deed is used to officially document and formalize the transfer of ownership, providing legal protection to both the donor and the done. This document must meet the requirements set forth by the Oklahoma statutes to be considered legally valid. In Oklahoma, there are two main types of Gift Deeds depending on the donor's intention and the involvement of the third parties: 1. Inter vivos Gift Deed: Also known as a lifetime gift, this type of Gift Deed is executed and delivered during the donor's lifetime. It involves the immediate transfer of property ownership to the done, with the donor relinquishing all rights and interests. The donor must be mentally competent and voluntarily willing to gift the property without any consideration. 2. Cause Morris Gift Deed: Also known as a gift in contemplation of death, this type of Gift Deed is executed when the donor is in a life-threatening situation, such as being seriously ill or facing imminent peril. The gift only becomes effective if the donor dies due to the circumstances contemplated. If the donor recovers, the gift is considered void. Both types of Gift Deed must comply with the statutory requirements in Oklahoma, including being in writing, signed by the donor, and delivered to the done. Additionally, it is advisable but not required to have the document notarized and recorded with the county clerk's office where the property is located to ensure its validity and establish a clear chain of ownership. In conclusion, an Oklahoma Gift Deed is a legal document used to transfer ownership of property as a gift, without any exchange of money. The two main types are Inter vivos Gift Deeds and Cause Morris Gift Deeds, each serving different purposes based on the donor's intention and the involvement of life-threatening circumstances.