What a Gift Deed Is and how it transfers property
A Gift Deed is a written legal instrument used to voluntarily transfer ownership of real property from a donor to a donee without exchange of money. In the United States it must identify the parties, describe the property with sufficient detail to locate it, state the donor’s intent to make an immediate and irrevocable gift, and include the effective date and signatures. State law governs execution, notarization, and recording requirements. This document differs from a sale because no consideration is required, but tax and transfer implications may arise for both parties.