Legal Question in Real Estate Law in New Jersey

Re: Consideration stated in deed

For deeds of property located in Maryland, the amount of consideration stated in the deed can be disproven by other evidence, BUT if the deed is executed under seal (with the word "SEAL" or a corporate seal at the signature line) then it will be assumed that consideration was in fact paid. A promise to pay money can be consideration for a transfer of property, as can money paid in the past.

Re: Interpretation of Deed for purpose of transfer

Your question really seems to be looking for an answer that necessitates form over substance. No matter what the deed says, if it can be proven that no consideration (money) was paid, then a Court would either require the payment of money or require retransfer of the property. If you are asking a question about whether it has the requisite requirements for filing, you would need to have it reviewed by either the County Clerk or Register of Deeds of the county in which you want to file the deed for a determination. An attorney could also give you an opinion in that regard. Keep in mind that this advice is based purely on the little bit of information that you have given to me. There may be other factors that would change my opinion. Further, no one can rely on advice from an attorney who has not been retained. Since you have not retained an attorney in this case, before you take any further action, you should contact an attorney (either me or someone else) to discuss your matter in more detail. Only then will you be able to rely on the advice. I will be happy to assist you. However, you need to call me at 856-546-8010. If you mention LawGuru, there will be no charge for your first consultation. Good luck! Rob Gleaner

Re: Interpretation of Deed for purpose of transfer

Since the consideration paid could be cash or a note, it depends upon what happened at the closing. If cash or cash equivalent (anything of equal value transferred to the seller) was paid for the entire price, the acknowledgement of receipt is sufficient. If part of the consideration was represented by a note and/or mortgage, these documents would supercede the Deed language, as the Deed only specifies that something was received, not its composition.

Re: Interpretation of Deed for purpose of transfer

It's not clear what you are asking about. Are you asking about filling in a form deed to sell or buy property? If so, do not do it. Go to a lawyer who can properly advise you. If money for the purchase is to be paid in the future, you need to have a valid mortgage or deed of trust to secure the debt. DO NOT BUY OR SELL REAL ESTATE WITHOUT A LAWYER. You may well get nothing -- bad title, if you are buying, or no way to effectively collect the money owed if you are selling.

If you are asking about a completed transaction, the initial recitation may be something like "$10 and other good and valuable consideration." This is an anachronism, and essentially meaningless. The other statement is probably for purposes of fixing the amount of recordation and transfer tax, and is required by law to be accurate (including the amount of assumed or take-back financing). If this is a real situation on which rights depend, consult with a lawyer who can review the actual, complete documents and advise you accordingly.