Gifting A Property

Are you planning on gifting a property to someone? Have you ever wondered how this works and what you need to do? Here are 5 steps to take if you are looking to gift real estate to someone: 

Step #1

Research: Understand the legal and tax implications of gifting property in your jurisdiction.

Step #2

Valuation: Get a private appraisal in order to determine the fair market value of the property to adhere to gift tax regulations. (If you are in North Alabama or Southern Tennessee, call Definitive Valuations!)

Step #3

Documentation: Contact a title company/real estate attorney to have a deed prepared that transfers ownership and complies with local recording requirements.

Step #4

Consultation: Seek legal and financial advice to navigate complexities and ensure compliance.

Step #5

Execution: Complete the transfer formally, possibly involving a notary, and maintain records for documentation. 

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