All Wood County specific forms and documents listed below are included in your immediate download package:
The Following West Virginia and Wood County supplemental forms are included as a courtesy with your order.
Declaration of Consideration (West Virginia Document)
Sales Listing Form (West Virginia Document)
Instructions for Sales Listing Form (West Virginia Document)
Certificate of Acknowledgment - Individual (West Virginia Document)
Certificate of Acknowledgment - Representative (West Virginia Document)
Verification of an Oath - Jurat (West Virginia Document)
Including:
A gift deed, or deed of gift, is a legal document voluntarily transferring title to real property from one party (the grantor or donor) to another (the grantee or donee). A gift deed typically transfers real property between family or close friends. Gift deeds are also used to donate to a non-profit organization or charity. The deed serves as proof that the transfer is indeed a gift and without consideration (any conditions or form of compensation).
In order for a gift deed to be valid they must meet the following requirements: The grantor must intend to make a present gift of the property, the grantor must deliver the property to the grantee, and the grantee must accept the gift. A gift deed must contain language that explicitly states no consideration is expected or required, because any ambiguity or reference to consideration can make the deed contestable in court. A promise to transfer ownership in the future is not a gift, and any deed that does not immediately transfer the interest in the property, or meet any of the aforementioned requirements, can be revoked [1].
A lawful gift deed includes the grantor's full name and marital status, as well as the grantee's full name, marital status, mailing address, and vesting. Vesting describes how the grantee holds title to the property. For West Virginia residential property, the primary methods for holding title in co-ownership are tenancy in common and joint tenancy. A grant of ownership of real estate to two or more persons is presumed to create a tenancy in common, unless a right of survivorship is clearly stated in the conveyance (W. Va. Code 36-1-10 onward).
As with any conveyance of real estate, a gift deed requires a complete legal description of the parcel. Any survey document that a deed references should be prepared by a licensed surveyor and filed with a county clerk, and must also have the licensed surveyor's signature and seal or stamp affixed thereto (W. Va. Code 39-1-2c). Recite the source of title to establish a clear chain of title, and detail any restrictions associated with the property.
In West Virginia, the fee to record a deed of conveyance (without a plat) is $15 for the first five pages and $1 for each additional page. A preservation fee is added to every recorded instrument and is $1 for documents with 1-9 pages, $2 for documents with 10-19 pages, and an additional $1 for every ten pages (W. Va. Code 59-1-10)
Every person who records a document in West Virginia is subject to pay a state excise tax when transferring title to real estate. The rate of the combined state and county excise tax is $4.40 for each $1,000 of value and is payable upon recording. The payment of the tax is evidenced by the affixing of documentary stamps on the document. Copies are $1.50 for the first two pages and $1 for each additional page. To certify a copied document costs an additional $1 (per document). All documents not listed are $10 for the first 5 pages and $1 for each additional page. Pages with printing on both sides will count as two pages (W. Va. Code 11-22-2).
The grantor is responsible for paying the Federal Gift Tax. The IRS implements a Federal Gift Tax on any transfer of property from one individual to another with no consideration, or consideration that is less than the full market value. 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 grantor may benefit from filing a Form 709 [2].
In West Virginia, there is no state gift tax. For questions regarding state taxation laws, consult a tax specialist. Gifts of real property in West Virginia are, however, subject to the federal gift tax. The grantor is responsible for paying the federal gift tax; however, if the grantor does not pay the gift tax, the grantee will be held liable [1].
With gifts of real property, the recipient of the gift (grantee) is not required to declare the amount of the gift as income, but if the property accrues income after the transaction, the recipient is responsible for paying the requisite state and federal income taxes [3].
This article is provided for informational purposes only and is not a substitute for the advice of an attorney. Contact a lawyer with any questions about gift deeds or other issues related to the transfer of real property. For questions regarding federal and state taxation laws, consult a tax specialist.
[1]
https://nationalparalegal.edu/public_documents/courseware_asp_files/realProperty/PersonalProperty/InterVivosGifts.asp
[2] http://msuextension.org/publications/FamilyFinancialManagement/MT199105HR.pdf
[3] https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes
The documents you receive here will meet, or exceed, the Wood 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 Wood 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.
June 9th, 2023
Name: Galina K.
Review: Was fast and easy to get the forms with instructions on how to fill them out.
Reply from Staff on June 9th, 2023
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June 9th, 2023
Name: Karen R.
Review: Easy to access and reasonable pricing, thank you deeds.com!
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June 8th, 2023
Name: Tim T.
Review: Very easy to find forms and good examples for filling out forms!
Reply from Staff on June 8th, 2023
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Name: Mark S.
Review: Very easy site to navigate. The quit claim deed I downloaded was perfect for my needs. Would like to see a (Deed in Lieu of Foreclosure) added to the forms list.
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Name: Norma G.
Review: Thank you! This is very helpful
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Name: Ronald B.
Review: Simple to use, download, fill-in and print.
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Name: Gary G.
Review: I'm glad I found this service . Very useful. Time saving
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Name: Lee C.
Review: Quick, easy and reasonably priced.
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Name: Nancy J M.
Review: Site is easy to navigate and forms are as described. Too bad there is no secure payment link service (PayPal, Apple Pay, etc. So after I verify charge has hit my credit card I will delete my Deeds.com account.
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Name: Sara R.
Review: The deed is presently at the auditors office and will be recorded after approval from zoning board. As far as I know, everything is going along well. A self addressed envelope was left at recorder's office for return after recording is complete.
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Name: Dennis K.
Review: Easily downloaded and filled out form for quit claim deed was approved as soon as i dropped it off.
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Name: Kay I.
Review: Very easy to use. However, the "sample" filled in red ink did not print for me to refer to. Is that the correct desire, not to print?
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Name: Brian R.
Review: Your website is very informative, and easy to use.The purchase and download process was clear and went well. I would add that your Virginia Quitclaim Deed Guide is very comprehensive and informative. This combined with the example form you provide is most helpful. Thank You. Brian R
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Name: Charlotte K.
Review: Really a simple, quick, professional experience!
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Name: MARIO D S.
Review: Well worth the $20.00 for the Transfer on Death Deed, if you are willing to do the leg work to notarize and record the deed. Money well spent and money well saved. The value is in the short, bullet type instructions and State specific forms and requirements.
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