A gift of deed is a legally binding contract that transfers the ownership of a real estate property from one person to another, according to the Real Estate Lawyers. The donor, the person that gives the gift of deed, hires a real estate attorney to draft, review and file the necessary legal paperwork required to transfer the property to the donee, the person who receives the gift.Know More
According to the Real Estate Lawyers, a gift of deed contract must be witnessed by at least two uninvolved parties. There is no transfer of money between the two parties since the real estate in question is a gift.
Two types of gift of deed real estate contracts exist, according to Law Depot Law Library. The first is a revocable gift of deed that the donor keeps until she desires to give it to the donee. Under a revocable gift of deed, the donor can change her mind and revoke the gift of deed at any time. Under an irrevocable gift of deed, the donee becomes the legal owner of the property once the donor physically gives the legally binding transfer of ownership contract to the donee. The donor can never revoke this type of deed or later ask for monetary compensation for the gift.Learn more in Real Estate
Reference.com states that a deed is a legally binding written document in which one person transfers property to another. There are certain formalities that must be performed in order for a deed to be valid, such as having a deed formally delivered and having it acknowledged by an authorized commissioner.Full Answer >
A residential lease agreement is a legally binding contract between a landlord and tenant that details the terms for renting an apartment or a house as a dwelling place. Also known as a landlord-tenant lease or an apartment rental agreement, this contract is usually signed at the beginning of a rental term and stays in effect until an end date specified in the agreement.Full Answer >
An easement is an interest in land that grants or limits the right to use that land by someone who doesn't own or possess it, according to the legal firm Koley Jessen, and a permanent easement is one that is attached to the deed and continues to affect the land through subsequent changes in ownership. Easements, and their characteristics, are governed by state law.Full Answer >
An easement agreement is a simple way to give someone the right to use land without transferring ownership. This could be either private easement or public easement. The agreement also can be long-term or short-term.Full Answer >