All Lawrence County specific forms and documents listed below are included in your immediate download package:
The Following Arkansas and Lawrence County supplemental forms are included as a courtesy with your order.
Real Property Transfer Tax Affidavit Form (Arkansas Document)
Certificate of Acknowledgment (Arkansas Document)
Homestead Credit Application (Arkansas Document)
Certificate of Acknowledgment - Representative (Arkansas Document)
Assessor by County (Arkansas Document)
Jurat (Arkansas Document)
Homestead Application Espanol (Arkansas Document)
Including:
Gifts of Real Property in Arkansas
Gift deeds convey title to real property from one party to another with no exchange of consideration, monetary or otherwise. Often used to transfer property between family members or to gift property as a charitable act or donation, these conveyances occur during the grantor's lifetime. Gift deeds must contain language that explicitly states that no consideration is expected or required. Ambiguous language, or references to any type of consideration, can make the gift deed contestable in court.
A lawful gift deed includes the grantor's full name and marital status, as well as the grantee's full name, marital status, vesting, and mailing address. Vesting describes how the grantee holds title to the property. Generally, real property is owned in either sole ownership or in co-ownership. For Arkansas residential property, the primary methods for holding title in co-ownership are tenancy in common and joint tenancy. Arkansas does not recognize community property. Real estate conveyed to two or more people is presumed as tenancy in common, unless a joint tenancy is specified (A.C.A. 18-12-603).
As with any conveyance of realty, a gift deed requires a complete legal description of the parcel. Recite the source of title to establish a clear chain of title, and detail any restrictions associated with the property. Each grantor must sign the deed in the presence of a notary public for a valid transfer. Transfers in Arkansas require two witness signatures (A.C.A. 18-12-104). All signatures must be original. Record the completed deed, along with any additional materials, in the circuit clerk's office of the county where the property is located. Contact the same office to verify accepted forms of payment.
In Arkansas, every legal transfer of real property requires a Real Property Transfer Tax Affidavit form. This form should be completed by the grantee and filed with the instrument (A.C.A. 26-60-107). When real property is conveyed as a gift, no transfer tax is due. The grantee should indicate such on the affidavit.
With gifts of real property, the recipient of the gift (grantee or donee) is not required to declare the amount of the gift as income, but if the property accrues income after the transaction, the grantee is responsible for paying the requisite state and federal income tax.
In Arkansas, there is no state gift tax. For questions regarding state taxation laws, consult a tax specialist. Gifts of real property in Arkansas are, however, subject to the federal gift tax. The person or entity making the gift (grantor or donor) is responsible for paying the federal gift tax; however, if the donor does not pay the gift tax, the donee will be held liable.
In accordance with federal law, individuals are permitted an annual exclusion of $15,000 on gifts. This means that if a gift is valued below $15,000, a federal gift tax return (Form 709) does not need to be filed. However, if the gift is something that could possibly be disputed by the IRS -- such as real property -- a donor may benefit from filing a Form 709.
This article is provided for informational purposes only and is not a substitute for the advice of an attorney. Contact an Arkansas lawyer with any questions about gift deeds or other issues related to the transfer of real property.
The documents you receive here will meet, or exceed, the Lawrence County recording requirements for formatting. If there's an issue caused by our formatting, we'll make it right and refund your payment.
Get your Lawrence County Gift Deed form done right the first time with Deeds.com Uniform Conveyancing Blanks. At Deeds.com, we understand that your time and money are valuable resources, and we don't want you to face a penalty fee or rejection imposed by a county recorder for submitting nonstandard documents. We constantly review and update our forms to meet rapidly changing state and county recording requirements for roughly 3,500 counties and local jurisdictions.
August 11th, 2022
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Review: My questions were answered promptly. I was not able to locate the deed I was searching for because my county has not uploaded the documents to be accessed through this system. I am sure I could have found what I was looking for had the information been available through the system. Thank you for your assistance.
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