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What does sold for $1 mean?

  • November 21 2010 - Cohasset
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Answers (3)

Any time a deed is changed some form of consideration (money) needs to be conveyed to the selling party.  Typically, consideration for $1 might indicate a family member was added to the deed or the owner changed ownership  title to an LLC. If you are trying to figure out what someone paid for a property you might need to go in the MLS or look back further in the title chain.  A REALTOR or Attorney representing you, as the potential buyer, should know how to look this up for you if it is relevant to the purchase. Good luck! Andrea
  • November 21 2010
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When you change the deed, some consideration needs to be listed. So $1 is typically used when taking someone on or off the deed or changing to a LLC LLP or other entity.
  • November 21 2010
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Typically when a property is transferred to a trust, LLC or other entity; as well as adding a spouse / family member and any non arms length conveyance -- the deed will be changed and the consideration paid a $1.00.

Best,

Eric
  • November 21 2010
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