Legal Question in Real Estate Law in Virginia

What is a Deed of Gift

I was told I had to sign a document called a ''Deed Of Gift'' to sign off on inherited property to be sold. I am a disabled Veteran on a fixed income, and the term ''Gift''made me nervous. Would someone please explain the meaning of a Gift Deed, as it applies in the state of Virginia.

Thank you

Asked on 1/13/03, 10:36 am

2 Answers from Attorneys

Daniel Press Chung & Press, P.C.

Re: What is a Deed of Gift

It means what it says - that you are giving it away without any compensation or consideration in return.

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Answered on 1/13/03, 6:31 pm

Bruce Marshall Durrette, Irvin & Bradshaw, P.L.C.

Re: What is a Deed of Gift

A deed of gift is a transfer of a property interest that you own for no consideration, money or otherwise. In other words someone is asking that you give up your interest in real property for free. Not a wise thing to do.

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Answered on 1/14/03, 9:13 am

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