What does a Gift Deed refer to?

A Gift Deed specifically refers to a transfer of ownership of property without any financial exchange, typically motivated by feelings of love and affection. This legal document denotes that the property is given freely, without expecting anything in return, which is a fundamental characteristic of a gift.

In real estate, this means that the property is conveyed from the giver (the donor) to the receiver (the donee) without a sale involved. It often occurs within families or between close friends, solidifying personal relationships through the act of giving.

Other options do not align with the nature of a Gift Deed. For instance, a sale of property for profit implies a financial transaction, which contradicts the concept of gifting. Similarly, a transfer of ownership for financial gain also involves a profit motive, and a lease agreement indicates a contractual relationship that involves payments for temporary usage rather than an outright transfer of ownership. Thus, the essence of a Gift Deed lies in its unremunerated nature rooted in affection, establishing the correct choice.