How to understand Grant, Bargain, Sale Deed form where it mentions money
Full Question:
Our son and friend purchased a home in December 2006. The friend wants to sign over his interest to my husband and myself. I purchased and downloaded the "Grant, Bargain, Sale Deed form" from Nevada Legal forms.
I have a question regarding the part where it talks about "Consideration". We are not giving any money to the friend for the interest in the home nor is he asking for anything. The form states ".....in consideration of $10.00......". How do we address that there is no money being exchanged for this transfer?
10/02/2007 |
Category: Real Property ยป Deeds |
State: Nevada |
#9508
Answer:
The statement of $10.00 and other valuable consideration is a matter of common practice and was designed to show that the conveyance was intended and valid. It does not mean that $10.00 has to be paid if the conveyance is without payment of money.
