The conveyance was for no consideration; however, the deed says “for $1 and other valuable consideration”. How should we proceed?
It is possible that even in the case of a gift the deed may still say that it was for $1, or $10, and other valuable consideration. The conversation generally would go like this: The person brings the deed in for filing to the auditor’s office. If the deed says for $1, or $10, the auditor will say, ―this says that the property was transferred for consideration; where is the Sales Disclosure Form? At that point, the person will say, ―no, it was a gift. The Auditor should then accept the deed. If they say that it was for consideration, then an SDF needs to be filled out.
Related Questions
- What will be the value of property at the time of execution of conveyance deed i.e. whether it will include ST payable by the buyer?
- Who will prepare the deed or other conveyance document should I agree to sell my mineral or Overridding Royalty Interest?
- What is the difference between a conveyance and reconveyance deed?
