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Gift Deed of Mineral Interest with No Warranty

West Virginia Gift Deed of Mineral Interest with No Warranty

Name: West Virginia Gift Deed of Mineral Interest with No Warranty
Brand: US Legal Forms
Rating: 4.74 (379 reviews)

Category:

Oil Gas and Minerals - Deeds

State:

Multi-State

Control #:

US-OG-059

Format:

Instant download

Description

This form of deed conveys an interest in minerals, as a gift. In States, such as Texas, recognizing community property, a gift deed creates separate property in the grantee. A West Virginia Gift Deed of Mineral Interest with No Warranty is a legal document used to transfer ownership of mineral rights in West Virginia from one party to another as a gift. This type of deed ensures that the donor (the party granting the gift) does not make any warranties or guarantees regarding the condition or validity of the mineral interest being transferred. The West Virginia Gift Deed of Mineral Interest with No Warranty specifies the names and addresses of the donor (granter) and the recipient (grantee), along with a detailed description of the mineral interest being gifted. It also includes information about any reservations or exceptions the granter may have, such as retaining a percentage of royalties generated from the minerals. It is important to note that there may be different variations or subtypes of the West Virginia Gift Deed of Mineral Interest with No Warranty depending on specific circumstances or preferences of the parties involved. For instance, the deed may include additional provisions regarding payment of taxes, the granter's liability, or specific conditions for the transfer of ownership. However, regardless of any potential variations, the essential purpose of the deed remains consistent — transferring mineral rights as a gift without any warranties or guarantees.

A West Virginia Gift Deed of Mineral Interest with No Warranty is a legal document used to transfer ownership of mineral rights in West Virginia from one party to another as a gift. This type of deed ensures that the donor (the party granting the gift) does not make any warranties or guarantees regarding the condition or validity of the mineral interest being transferred. The West Virginia Gift Deed of Mineral Interest with No Warranty specifies the names and addresses of the donor (granter) and the recipient (grantee), along with a detailed description of the mineral interest being gifted. It also includes information about any reservations or exceptions the granter may have, such as retaining a percentage of royalties generated from the minerals. It is important to note that there may be different variations or subtypes of the West Virginia Gift Deed of Mineral Interest with No Warranty depending on specific circumstances or preferences of the parties involved. For instance, the deed may include additional provisions regarding payment of taxes, the granter's liability, or specific conditions for the transfer of ownership. However, regardless of any potential variations, the essential purpose of the deed remains consistent — transferring mineral rights as a gift without any warranties or guarantees.

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After confirming your legal ownership with an attorney at law, you need to draw up a deed of transfer form in your name and register it with the county records office as the mineral owner. The land transaction, leasing transaction, and royalty compliance go through the county office.

Gifts of real property in West Virginia are, however, subject to the federal gift tax. The grantor is responsible for paying the federal gift tax; however, if the grantor does not pay the gift tax, the grantee will be held liable [1].

There is no gift tax in West Virginia either. The federal gift tax exemption is $16,000 per recipient per year in 2022, going up to $17,000 in 2023. If you give any one person more than $17,000 in a year, you must report that gift to the IRS.

Who signs a deed of gift? The signatories to the deed of gift must be the parties involved in the gift, so the person receiving the gift (the donee) and the person giving the gift (the donor).

Yes. Most people instruct a solicitor who can incorporate the deed of gift into the transfer of equity process. Although you can do it yourself, the process can get complicated. There could be tax implications if you make an error.

Your parents can give their house to you if they have complete ownership. They can transfer ownership to you as a gift, where they receive no compensation in return.

The current owner transferring property must sign a West Virginia deed. The county clerk cannot record an unsigned deed. An agent acting under power of attorney can sign a deed on the owner's behalf if the owner has signed a power-of-attorney agreement giving the agent authority. Notarization.

?The key issue is that a gifted house attracts a carryover basis from the previous owner, while an inherited house comes with a stepped-up basis equal to the house's fair market value at the time of the donor's death.

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The first step in claiming your inherited mineral rights is to find the deed or title to the property. This document will outline who owns the mineral rights ... A lawful gift deed includes the grantor's full name and marital status, as well as the grantee's full name, marital status, mailing address, and vesting.Apr 27, 2023 — Information about West Virginia deed law, including quitclaim deed form, special warranty deed form, and general warranty deed form. Nov 2, 2018 — As with any conveyance of real estate, a gift deed requires a complete legal description of the parcel. Recite the source of title to establish ... Grantor conveys and quitclaim the mineral interests on and under the described property to grantee. This deed complies with all state statutory laws. Show more. Complete Your Gift in 3 Simple Steps A gift of mineral rights can typically be accomplished in three easy steps. The owner contacts the WVU Foundation to ... Commingling and Entirety Agreement (By Royalty Owners, varying ownership) · Gift Deed of Nonparticipating Royalty Interest (With No Warranty) · Royalty Deed (With ... Jun 30, 2016 — The appraisal must be prepared no sooner than 60 days prior to the date of gift; however, donors are not required to have the appraisal in hand. BASIC OIL AND GAS FORMS PROGRAM · Correction to Mineral Deed (As to Interest Conveyed) · Gift Deed of Mineral Interest (With no Warranty) · Mineral Deed (Reserving ... 1. Create Documents. Have an attorney draft a deed or assignment from the previous mineral owner (or their Estate or Trust) to the new mineral owner. · 2. Record ...

West Virginia Gift Deed of Mineral Interest with No Warranty

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How to fill out West Virginia Gift Deed Of Mineral Interest With No Warranty?

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FAQ

How do I transfer mineral rights in WV?

Can you gift a house to someone in WV?

What is the gift tax in West Virginia?

Who signs a deed of gift?

Can I do a deed of gift myself?

Can my parents just give me their house?

How do I transfer a house deed in WV?

Is it better to gift or inherit property?

Interesting Questions

What is a Gift Deed of Mineral Interest with No Warranty?

Why would someone use a Gift Deed of Mineral Interest with No Warranty?

What does 'No Warranty' mean in a Gift Deed of Mineral Interest?

Can I rely on the accuracy of the information in a Gift Deed of Mineral Interest with No Warranty?

What should I do before signing a Gift Deed of Mineral Interest with No Warranty?

Are there any risks involved in using a Gift Deed of Mineral Interest with No Warranty?

Can a Gift Deed of Mineral Interest with No Warranty be revoked?

Can I sell mineral rights received through a Gift Deed of Mineral Interest with No Warranty?

Is it necessary to record a Gift Deed of Mineral Interest with No Warranty?

What happens if someone challenges my ownership of mineral rights received through a Gift Deed of Mineral Interest with No Warranty?

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