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Why does my Deed look like I bought a house for $10? - Jeremiah McGuire In this case the "Good and valuable considerations" are the rest of the purchase price, if you want to break it down precisely So, no, you didn't just buy or sell a home for $10 00, but you did buy or sell for $10 00 and other good and valuable consideration!
For ten Dollars ($10. 00) and other good and valuable consideration… Clients for whom I am drafting or reviewing contracts frequently ask about the phrase: “NOW, THEREFORE, for and in consideration of Ten Dollars ($10 00) and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows ”
Why do deeds say $1? - FinanceBand. com What is 1 00 and other good and valuable consideration? This phrase in many contracts is meant to ensure that the legal requirement of consideration having been paid for a promise to be legally enforceable has been met
Legal-Ease: Why does my deed show a $1 price? Almost every deed includes a sentence similar to “For one dollar and other good and valuable consideration” regardless of the actual cost of the real estate To understand why this sentence or some variation of it, it’s important to understand contracts, recitals and consideration
Consideration in Real Estate Deeds: What Does It Mean? But what does “For value received” or “Ten dollars and other valuable consideration” mean, why is it used, and why isn’t the actual purchase price included in the deed? The nominal amount of one dollar (or ten dollars) is included to satisfy the consideration requirement to make a deed enforceable
Is “One Dollar” Sufficient Consideration For An Assignment? In order for a contract to be valid and enforceable, it must meet certain legal criteria One such criterion is “consideration” Consideration requires that each party receive a benefit or advantage for fulfilling its obligations under the contract
Drafting contracts – – little words with big meanings. Other good and valuable consideration Every attorney has seen this phrase in either a contract, a release, or a deed It has become commonplace for a legal instrument to recite that Party A is executing the instrument for a specific sum of money “and other good and valuable consideration ”