Property Ownership

In Alaska, a 'deed of gift' is used when:

AThe seller wants to give the buyer a gift certificate toward closing costs

BProperty is transferred without consideration — the grantor gives the property as a gift✓ Correct

CThe broker waives their commission as a gift to the seller

DProperty is transferred through an estate

Explanation

A deed of gift (or gift deed) transfers property without monetary consideration — the grantor gives the property to the grantee as a gift. The consideration may be stated as 'love and affection' or $1.

People Also Study

Key Terms to Know

Deed

A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).

Closing Costs

Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.

Debt-to-Income Ratio (DTI)

A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.

Deed of Trust

A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.