For decades I have seen deeds between family members, or where they didn't want to quote the actual sale price state "for $1 and other valuable considerations".
In recent deeds, I've seen "$10 ovc." Has there been some legal determination that one dollar is no longer sufficient consideration to make a binding document?
I have most always seen $10 for many years. Yours may have been just a local thing.
James
I think putting any amount of dollars there was critical to proof that money did exchange hands as part of the deal, rather than being something intangible such as love and affection.
In years gone by, $1 was viewed as significant. Esecially when that was equivalent to a day's wages for a laborer. Experienced welders in the mid-1940's were happy to make $0.40 per hour.
In the era where tax stamps where placed on the face of the deed, the value of the stamps was directly proportional to the dollars exchanged. Hence, the desire to pretend that far fewer dollars were involved.
May be just a local thing. I have always and only seen $1.
Locally made deeds are $1, except Executors deeds, where true price is listed. I have seen Corporation deeds, made in other jurisdictions, that are usually $10.
> May be just a local thing. I have always and only seen $1.
Same here. Never heard anything different than $1.
I granted some rights to an internet company to use my property as a construction road and the suckers never even gave me the dollar. Do you suppose the agreement is null and void?
I think that you would have to ask the lawyers who prepared the documents.
I have lived through all of it and don't have a clue.
Of course the tax revenue attached always reveals the true story......
> For decades I have seen deeds between family members, or where they didn't want to quote the actual sale price state "for $1 and other valuable considerations".
>
> In recent deeds, I've seen "$10 ovc." Has there been some legal determination that one dollar is no longer sufficient consideration to make a binding document?
$10 is the norm here. It makes it more than a deed of gift. You can calculate the sales price by calculating the tax stamp by $1000.
OVC would be "other valuable consideration", somebody is just shortening it.
Carl
I had a deeed many years ago that stated "for $1 and love and affection" in a transfer from Mom and Dad to their daughter.
No, because you signed the deed saying you got the dollar.:-P