This detailed sample Texas Gift Deed (Individual to Individual)complies with Texas law. Adapt the language to fit your facts and circumstances. Available in Word and Rich Text formats.
Texas Gift Deed for Individual to Individual
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Description Printable Gift Deed Form
Free preview Gift Deed Texas Template
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What Is A Gift Deed FAQ
Gift made by way of movable property is required to be made in stamp paper and stamped by the notary or court. Registration of gift deed is not required in case of transfer of moveable property.Gift of immovable property which is not registered is not a valid as per law and cannot pass any title to the donee.
Gift deeds transfer title to real property from one party to another with no exchange of consideration, monetary or otherwise. Often used to transfer property between family members or to transfer property as a charitable act or donation, these transfers occur during the grantor's lifetime.
Find the most recent deed to the property. It is best to begin with a copy of the most recent deed to the property (the deed that transferred the property to the current grantor). Create a new deed. Sign and notarize the deed. File the documents in the county land records.
A gift deed, or deed of gift, is a legal document voluntarily transferring title to real property from one party (the grantor or donor) to another (the grantee or donee), typically between family members or close friends. Gift deeds are also used to donate to a non-profit organization or charity.
Section 122 of the Transfer of Property Act defines a gift deed as a legal document that describes the voluntary transfer of gift from a donor (owner of the property) to donee (receiver of gift) without any exchange of money. The donor must be solvent and should not use this tool for tax evasion and illegal gains.
To be valid, gift deeds in Texas further require the document set forth (1) the intent of the grantor, (2) the delivery of the property to the grantee, and (3) the gift to be accepted by the grantee. The one claiming the gift bears the burden to establish each of the elements.
The gift cannot ever be revoked nor can you later ask for financial compensation. Disadvantages of a Gift Deed? Usually a Gift Deed is used to transfer property between family members. As a result, the transaction may be subject to coercion or fraud.