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Answers (4)
- Deb Forte, "debbieforte"
- Contributions:271
When you see a transaction for $1.00 it usually means a transaction between family members. The $1.00 is just a formality to demonstrate payment. You can't write the word "Free" on a deed. so by writing $1.00 on the deed as consideration officially makes it a legal transaction. Hope that helps.
- Christine Moran Realtor & Notary, "Christine Moran"
- Contributions:288
I am local if you need a price comparison. This site only gives you a basic idea.
- Philip Austin, "PhilipAustin"
- Contributions:72
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 is the time to buy before you miss out.
Regarding the transaction for $1.00… The reality is most homes sell for market value or a price that the Buyer and Seller will agree to. Maybe a rich uncle, if you have one, may sell you one for $1.00. If you don't have a rich relative, then you will pay fair market value.
The fact is, when you see a transaction for $1.00… it is generally a transaction between family members. Sometimes it is from individuals to a family trust. The $1.00 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 $1.00 on the deed as consideration officially makes it a legal transaction.
- wetdawgs
- Contributions:26854
Usually $1 transactions are transfer of the property to a family trust.
two homes on Madison Ave West Holyoke, MA are listed as recently sold for $1
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