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07 September 2011
Have You Considered the Consideration?
The consideration in a land transfer is the money or other item that has been used to pay for a piece of real property. If it is a token amount, such as $1, or "love and consideration," consider that there is a relationship among the buyers and sellers, even if a relationship is not stated. The relationship does not have to be stated for the document to be binding. And remember, the purpose of a deed is to transfer title to land, not leave a record of a family relationship.
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The number of real estate transactions using "good & valuable considerations" is increasing so that others won't be able to determine the dollar amount that was involved. I learned this recently when a pipeline crossed my property. The company wanted the amount paid to remain a secret so that land owners could not compare compensation.
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