Most frequent questions and answers
Our members who use DeedPerfect.com to complete their own deeds frequently ask some version of this question: I’m completing my deed and its says: “For good and valuable consideration of Ten Dollars ($10.00), the receipt and sufficiency of which is hereby acknowledged,” I or we…
“Consideration” in US legal terms is quite simply “something of value,” usually money. Believe it or not, we have seen “For love and affection” the receipt and sufficiency of which… and it is construed as valid “consideration.” It really was recorded.
In exchange for something of value, we are conveying this property to you.
The fact is this: You may include 1 (one) dollar, 10 (ten) dollars, or the actual price of the property and they are all acceptable the same way love and affection is acceptable as they are all “Good and Valuable Consideration.”
The actual price is not included on the deed simply for privacy reasons.
It’s rooted in tradition. 10 dollars has become the norm over 100’s of years of property conveyance.
This day and age it’s simple (and legally required public knowledge) to find out any given property sale price. Back in the day, the deed was the only recorded document on county file to acknowledge the transfer of real property and laws and customs varied widely.
Disclaimer: This is Steve’s summary based on experience, research and opinion. You are encouraged to complete your own research and derive your own take-away.