Deed of Gift
I am being given a timeshare, as a gift, from a private ind. who is the previous owner. I was told to fill out a Deed Of Gift. I purchased one, but in reviewing it, it's title is "Deed of Gift, Recordation Tax-Exempt". It mentions, "witnesseth: that for and in consideration of the sum of One Dollar, cash in hand paid, the receipt of which is hereby acknowledged by the Grantor............". Why does it mention $1, when the property is a gift, and no money has been exchanged. It that standard in VA?
Also, it is dated, 19__ instead of 20__. Is that ok? I purchased the form online at USLegalforms.com.
I was trying to save attorney fees by completing the form myself and then having it filed. Does the terminology in the Deed sound correct? Thank YOU!
1 Answer from Attorneys
Re: Deed of Gift
The statement of $1.00 consideration is a standard anachronism in the law, because of the requirement of consideration for a contract to be binding - if it were a true gift, the old-time lawyers thought, there would be a risk of undoing it for lack of consideration. It is not necessary, but it's harmless. As for using your form, you get what you pay for. It would be risky to use this form because it is unlikely to contain what is needed in a timeshare deed. You should always have deeds drafted by a lawyer so that title issues do not crop up in the future.