How Do People Get Away With A $1 Sale Price On Their Transfer Info?

Comments(5)

• 
  Birddog116th December, 2003

  Its either usually a "family thing" or a "gift thing" Eitherway, they pay taxes on the assessed value of the home, not what it was paid for.
  [addsig]

• 
  WheelerDealer17th December, 2003

  many reasons
  
  to skirt gift tax
  
  to show a loss
  
  to make a contract valid there has to be consideration
  
  
  
  _________________
  B.G. & Wheeler D. LLc Inc.
  
  
  (A division of: Half Vast Enterprises)[ Edited by WheelerDealer on Date 12/17/2003 ]

• 
  Lufos17th December, 2003

  I have always considered it a bit plebish. I use $10.00. It looks so much better on the consideration insert. Adds a touch of zest to a Grant Deed.
  
  My mother once upon a time a Notary Public used to hand letter her Jurat. Made them very Gothic in appearance. Her rational was that it gave a rather plain jane document a focal point that at least in the Notary Area was Pristine.
  
  Go figure. Lucius

• 
  NancyChadwick17th December, 2003

  Nominal consideration ($1 or similar) can show up in tax assessor database either because it really was nominal or because buyer wanted the consideration shown as nominal. To find out what the true consideration is, you would need to go to the primary source, which is the deed that was recorded that will probably have transfer tax stamps or transfer tax info affixed to it.

• 
  Lufos17th December, 2003

  Of course as in so many things in life here in California it is different.
  
  In an endeavor to increase the efficiency and control of documentation, California adopted the Control attachment. This is a piece of paper that is attached to the deed or document. If for example you do not wish to expose to your nosy neighbor or enquiring Estate Agent you merely leave the section on deed stamps etc. empty and insert the information on the control document and damn no evidence of the amount is entered.
  
  Of course many of us in the Estate Biz considered this a direct challenge and we found a way to find out. This information is Classified and cannot be given out as it is above Top Secret, yes the ultimate Burn Before Reading.
  
  Cheers Prying Lucius