ii.) Consideration. The sometimes arcane and rather obtuse requirement of consideration basically means that the transfer of a deed cannot be gratuitous. The Grantor (i.e., the Seller) must be given something in exchange for the deed. In most cases, of course, the Seller of real estate receives the purchase price, which sum is his/her true consideration for conveying the deed to the Buyer. However, the Buyer and Seller will also typically want to keep the financial details of their transaction private. Thus, a “nominal consideration can be stated on the deed, instead of the full purchase price. A sum as low as $1 will probably suffice.
Posted on: Mon, 12/08/2008 - 23:19