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Answers (3)
- Lew Corcoran, "Lewis Corcoran"
- Contributions:41
One Dollar Deed Transactions
There are some great opportunities to buy homes for a bargain right now and the mortgage interest rates are very favorable. Now's the time to buy before you miss out.
Regarding the transaction for $1… The reality is most homes sell for market value or at a price that the Buyer and Seller will agree to. Maybe a rich uncle, if you have one, may sell you one for $1. If you don't have a rich relative, then most likely you'll pay fair market value.
The fact is, when you see a transaction for $1, it's generally a transaction between family members. Sometimes it's from individuals to a family trust. The $1 is a formality to demonstrate consideration paid for the transaction. You can't write the word "Free" on a deed because there is no consideration. So, by writing $1 on the deed as consideration, it officially makes it a legal transaction.
- Tracy Gesselman, "palmbeachtracy"
- Contributions:58
It was most likely a deed transfer.
- wetdawgs
- Contributions:26852
Usually a $1 transaction means it was transferred either to a family trust or a transaction between family members.
What does it mean when a house sold for $1
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