A Tennessee Gift Deed is a legal document used to transfer ownership of a real estate property from one individual, also known as the donor or granter, to another individual or entity, the recipient or grantee, without monetary consideration. This type of deed is often used when individuals wish to gift their property to a family member, friend, or charitable organization. The Tennessee Gift Deed must meet certain requirements outlined by the Tennessee Code Annotated to be considered legally valid. These requirements include: 1. Proper identification of the donor and recipient: The names, legal addresses, and contact information of both parties involved in the transfer must be accurately stated in the document. 2. Accurate property description: The exact location and description of the property being gifted, including its legal description, lot numbers, and any surveys or maps, should be provided in the Gift Deed. 3. Consideration clause: Although no monetary consideration is involved in a gift deed, the deed should include a statement specifying that the transfer is being made without any form of payment. 4. Voluntary intention: The gift must be given freely and voluntarily by the donor without any duress or coercion from the recipient. Types of Tennessee Gift Deeds: 1. General Gift Deed: This is the most common type of Gift Deed used in Tennessee. It transfers ownership of the property from the donor to the recipient without placing any restrictions or conditions on its use. 2. Gift Deed with Reservation: In this type of gift deed, the donor retains certain rights or interests in the property, such as the right to live on the property or receive income from it during their lifetime. These rights should be clearly outlined in the deed. 3. Gift Deed with Remainder Interest: This type of deed allows the donor to transfer ownership of the property to the recipient while retaining a life estate, meaning they can live on or use the property until their death. After their passing, the property automatically transfers to another designated individual or entity, known as the remainder man. Overall, a Tennessee Gift Deed serves as a legal tool to facilitate the transfer of property ownership through a voluntary and irrevocable gift, without involving any monetary transaction. It is important for both the donor and recipient to consult with a qualified attorney or legal professional to ensure that the Gift Deed complies with all necessary legal requirements and adequately reflects their intentions.
Tennessee Gift Deed
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How to fill out Tennessee Gift Deed?
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In Tennessee, there is no state gift tax. Gifts of real property in Tennessee are, however, subject to the federal gift tax, which the grantor is responsible for paying; however, if the grantor does not pay the gift tax, the grantee will be held liable [1].
Fee Schedule Most Documents** (see exceptions below) :Warranty Deeds, Trust Deeds, Quit-Claim Deeds, Power of Attorney and othersUp to 2 pages$12.00Additional pages?each$5.00Assignments?1 instrument number, up to 2 pages$12.0028 more rows
Joint Ownership & Rights of Survivorship Unfortunately, Tennessee does not allow transfer-on-death deeds, a popular tool used to efficiently distribute real property in other states.
If you're considering transferring real estate in Tennessee, a Quitclaim Deed is an effective option. A Quitclaim Deed is a legal document that transfers ownership of a piece of property from one person to another. It's a simple, straightforward process that can be completed quickly and easily.
How to Transfer a Real Estate Title Write and Review the Deed. The next step is drafting the deed. ... Signing the Deed. Once all parties agree to the contents of the deed, you can move on to signing. ... Register the Deed. The final step is filing the deed with the county records office.
How do I add (or remove) someone from my deed? To add, change, or remove a name on a property you will need to have a new document prepared and have it recorded in our office. A Quit Claim Deed or Warranty Deed will need to be completed. This document will replace your previous deed.
