Warranty Deeds in US

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Commonly Asked Questions about Warranty Deeds in US

Why does the deed say $1?

When that one dollar language is in the deed, the reader can know that the requirement of consideration is satisfied.

What is $10 and other valuable consideration?

The ten dollars is the peppercorn that provides concrete consideration and ensures that the contract is valid, while the actual amount paid for the house is hidden and referred to only as the other good and valuable consideration.

Why does my bill of sale say $10?

The closing agent explained, Well, ten dollars and other consideration. This is just a convention, so that the actual amount paid for the house doesnt go into the record. It also saves them from having to revise the document each time the price changes.

What is another name for a warranty deed?

A warranty deed or quit claim deed TRANSFERS TITLE or OWNERSHIP of real property. When you purchase property, you usually receive a warranty deed from the seller to you to show that you now own the property.

Why do warranty deeds say $10?

The recorded Deed is public knowledge, so by using the language of Ten Dollars, and other good and valuable considerations we effectively can limit the knowledge of prying eyes as to how much you just bought or sold a house for.

Why does warranty deed say $10?

It is important to note that the law does not specify how much consideration must be given. As a result, its become a common practice to state a nominal consideration, such as $10, in the deed, regardless of the actual property value or purchase price.

What is the main purpose of a warranty deed?

A warranty deed is a legal document guaranteeing that a propertys seller has the legal right to sell the property and that there are no outstanding debts or legal claims against it.

What is the most common warranty deed?

A general warranty deed is the most common type of deed used for transferring real estate. It basically promises that: not only does the seller have good and proper title to sell the property, but all the prior owners also had good title, thus making a complete chain of ownership; and.