If a family member wants to transfer property to another member of the family, a gift deed might be needed. This assures the grantee that the property is his or hers even if no money has exchanged hands.
If you want to sign your land over to your children, you need a property deed. Any change at all in ownership or status requires legal documentation (just another name for a deed). Of course, once you sign a deed, you have to file the deed with the authorities. Usually this means having it recorded at the County Recorders office or with the Recorder of Deeds. This action is referred to as the transfer or the conveyance of the deed and it takes place once the grantee accepts the conditions and the grantor signs the document and has it notarized.
Lets take a look at the types of such documents that you might encounter in a real estate transaction. These are all forms of real estate deeds. The choice of the proper document depends on the type of real estate transaction.
A deed in lieu of foreclosure is used for circumstances where the grantor is on the brink of losing his or her property in bankruptcy and chooses to deed the property to a grantee instead of having it foreclosed upon.