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13 April 2013
Did They Give That Away?
Most pre-1900 real estate transactions in the United States include the "payment" for the property, typically referred to as the "consideration." If the consideration appears to be a token amount, the parties involved may be related to each other or the transaction may have been drawn up to clarify title. Keep in mind that what may appear to be a token amount in 2013 might not have been token amount in 1820, but $1 is usually a safe bet as a token amount. If the "consideration" is "love and affection," there frequently is a relationship among the parties involved.
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I was not aware of the use of a token amount ($) and "other good and valuable considerations" found in deeds until a pipeline company came through my area. We were on our own to get the best deal from this company and I suppose they didn't want us comparing compensation!
ReplyDeleteI have since seen this used in current real estate deeds.