![]() ![]() When real estate is held as tenants by entirety, upon the death of either spouse, the survivor automatically obtains title to the share of the deceased spouse, free and clear of the claims of heirs and creditors of the deceased spouse.Īs with any conveyance of realty, a gift deed requires a complete legal description of the parcel. Tenancy by the entirety is only available to married couples and is the presumed vesting unless otherwise stated (AS 34.15.110(b)). A conveyance of real estate to two or more persons creates a tenancy in common (AS 34.15.110(a)). For Alaska residential property, the primary methods for holding title in co-ownership are tenancy in common and tenancy by entirety. Generally, real property is owned in either sole ownership or in co-ownership. Vesting describes how the grantee holds title to the property. Any guarantees must meet statutory language as prescribed by AS 35-15-030.Ī 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. In Alaska, no covenants are implied in a conveyance of real property, even if the conveyance contains special covenants (AS 34-15-080). Ambiguous language, or references to any type of consideration, can make the gift deed contestable in court. It is important that a gift deed contain language that explicitly states that no consideration is expected or required. 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 convey title to real property from one party (the grantor or donor) to another (the grantee or donee) with no exchange of consideration, monetary or otherwise. (D) in return for other consideration sufficient to support a contract.Gift Deed for Real Estate Located in Alaska (C) by accepting delivery of the real property under a contract that is for the purchase of the real property and that existed before the delivery or (B) as security for or in total or partial satisfaction of a claim that existed before the giving of the security (A) in return for a binding commitment to extend credit (5) “value” means acquisition of property (4) “real property” includes an interest in real property (3) “purchaser” means a person who acquires real property by sale, lease, mortgage, pledge, or lien, or who otherwise deals with real property in a voluntary transaction other than by making a gift ![]() (2) “conveyance” means a conveyance made before, on, or after Aug (C) has acted in good faith in the purchase transaction (B) does not have notice of an adverse claim by a beneficiary of the trust and ![]() (A) has not knowingly been a party to fraud or illegality affecting the interest of persons who are parties to the purchase transaction or beneficiaries of the trust (1) “bona fide purchaser” means a person who purchases real property for value from a trust and who (d) Notwithstanding other provisions of law, a trust instrument may not change the effect of (c) of this section. ![]() (c) Real property that is owned by a trust and that is purchased by a bona fide purchaser from a person in the person's capacity as trustee of the trust is acquired free of any claim of the beneficiaries of the trust. (b) In a conveyance under (a) of this section, notice of the existence of the trust does not affect the status of a purchaser as a bona fide purchaser. A trustee of a trust may convey real property from a trust whether or not a trustee of the trust is named as a grantor in the instrument of conveyance. (a) A person, including a trustee, may convey real property to a trust whether or not a trustee of the trust is named as a grantee in the instrument of conveyance. ![]()
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