Rhode Island Gift Deed: A Comprehensive Explanation A Rhode Island Gift Deed is a legal document that allows property owners to transfer their property's ownership to another person or entity without receiving any form of consideration or payment in return. This type of transaction is commonly used for gifting property to a family member, friend, or organization. A gift deed is a voluntary transfer made out of love, affection, or philanthropic purposes. To create a valid Rhode Island Gift Deed, certain essential elements must be included. These elements include the names of the granter (the person gifting the property) and the grantee (the recipient), a clear description of the property to be transferred, the intention to gift the property without any consideration, the granter's signature, and the signature of two witnesses. It is highly recommended having the gift deed notarized to add an extra layer of authenticity. Moreover, there are different types of Rhode Island Gift Deeds that serve specific purposes based on individual circumstances: 1. Immediate Gift Deed: This type of gift deed transfers ownership of the property instantly upon execution. The granter immediately gives up all rights and interests in the gifted property. 2. Conditional Gift Deed: A conditional gift deed arises when the granter imposes specific conditions that must be met before the recipient becomes the legal owner of the property. The granter may require the recipient to use the property for a particular purpose or adhere to certain restrictions. 3. Revocable Gift Deed: In some cases, the granter may wish to retain the right to revoke the gift in the future. A revocable gift deed allows the granter to take back ownership of the property if certain circumstances arise. 4. Irrevocable Gift Deed: An irrevocable gift deed is the opposite of a revocable gift deed. Once executed, the granter cannot revoke or reclaim ownership of the gifted property under any circumstances. This type of gift deed effectively transfers full ownership to the recipient. Regardless of the type of gift deed, it is vital to consult with an experienced real estate attorney to ensure compliance with Rhode Island's legal requirements and to address any potential tax implications. Furthermore, it is crucial for both parties involved to fully understand the implications and consequences of executing a gift deed to avoid any misunderstandings or disputes in the future. In conclusion, a Rhode Island Gift Deed is a legal instrument used to transfer property ownership without any consideration. With various types of gift deeds available, individuals can select the most appropriate option based on their unique circumstances and intentions.
Rhode Island Gift Deed
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How to fill out Rhode Island Gift Deed?
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If a municipality does not have land records available online, the tax assessor's or revaluation website is available for the ability to see some information relating to a property. If you'd like to see your municipality's land records online, we encourage you to speak directly to that municipality.
Rhode Island does NOT record by county. Recordings are to be sent to the appropriate City or Town recording office of the PROPERTY ADDRESS. All documents are returned immediately upon recording. If you are mailing in your document, please send to Property Records 43 Broadway Newport, R.I.
A Deed of Gift is a great way to formalise an intention to gift money or assets to someone. A Deed of Gift is particularly effective for recording a gift from parents to children for the purpose of purchasing a home.
Property records are recorded in the town or city where the property is located. Each city and town in the State of Rhode Island maintains its own property records. Recordings should be sent to the appropriate recording office ing to the property address.
Online Land Evidence Records Recorded documents are considered public records and copies of these records can be obtained from the Clerk's Office. The cost to copy recorded documents is $1.50 per page. If certified copies are required, the cost is $3 per document and $1.50 per page.
Recording Fees Type of DocumentFeeTax Certificate (Rhode Island General Laws 44-7-11)$8.00Warranty Deed$80.00*Writ of Attachment or Execution Affecting Title to Real Estate$10.00Writ of Attachment or Lien Affecting Title to Mobile Home$2.0024 more rows
