Property Ownership
A 'deed of gift' in Georgia is used to:
AA. Transfer property between buyer and seller for market value
BB. Convey property as a gift without monetary consideration✓ Correct
CC. Donate property to a government agency only
DD. Transfer property to a trust
Explanation
A deed of gift conveys property without monetary exchange. While consideration is technically love and affection (or nominal consideration), property taxes still apply to the transfer in Georgia.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
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