With the price of real estate rising fast in many urban areas, a gift of real property is generous and welcome. Most gifts of real estate are transfers between family members, like from parents to adult children, but sometimes grantors donate real estate to nonprofits and charities. Real property
Most states recognize the general warranty deed, the special warranty deed and the quitclaim deed, including Virginia. Usually real property that
Property Deeds in Virginia
The Code of Virginia, like the laws in many states, mandates the use of a real estate deed to convey an interest in real property. The three most common types of deeds used in Virginia are the trio most popular in the rest of the country: the general warranty deed, the special warranty deed and the quitclaim deed. However, the seller, or grantor, can use any
Each type of deed offers different levels of protections to the buyers, or grantees. The selection of a deed to use in a Virginia conveyance usually depends on the circumstances of the transfer: the way
Virginia Warranty Deeds
General warranty deeds, sometimes
Virginia Quitclaim Deeds
A quitclaim deed is unusual in that the grantor does not provide any covenants or warranties to the grantee. She doesn't even guarantee that she has an ownership interest in the property. Rather, a quitclaim deed transfers any ownership interest she may have to the grantee
A quitclaim deed form is easy to fill out and can
Best Virginia Deeds for Gifts
Special warranty deeds or quitclaim deeds are most commonly used as gift deeds, when there is no compensation for the transfer.
Which deed should a grantor choose when he is transferring property as a gift in Virginia? That depends on how much protection he wishes to provide the grantee. A special warranty deed
Note that there is no deed in Virginia termed the "gift" deed. The term
Teo Spengler earned a J.D. from U.C. Berkeley's Boalt Hall. As an Assistant Attorney General in Juneau, she practiced before the Alaska Supreme Court and the U.S. Supreme Court before opening a plaintiff's personal injury practice in San Francisco. She holds both an M.A. and an M.F.A in creative writing and enjoys writing legal blogs and articles. Her work has appeared in numerous online publications including USA Today, Legal Zoom, eHow Business, Livestrong, SF Gate, Go Banking Rates, Arizona Central, Houston Chronicle, Navy Federal Credit Union, Pearson, Quicken.com, TurboTax.com, and numerous attorney websites. Spengler splits her time between the French Basque Country and Northern California.