Reply by Bobbi in CT on 3/12/05 10:13am
Msg #25109
It's a grey area
Deeds through the 1950s in CT often state "for love and affection". As time progressed, "one dollar and other valuable consideration." Then came "ten dollars and other good and valuable consideration". Today I see ten dollars or "for nominal consideration." All nd mean the same: no money changed hands. You can tell by the tax stamp on the deed or the assessor's records what the consideration was.
The technical issue is: for a deed to be valid it must have "consideration". Is "love" a valuable consideration. I think it has value, but I beat non-divorce attorneys would disagree. I don't know of any good real estate case law on this subject to give you a good example of "why." It just became easier to add a small $ figure than try and re-write the statute regarding a valid real property conveyance.
|
Reply by PAW_Fl on 3/12/05 1:11pm
Msg #25132
Just the opposite...
I had a signing where the husband was quit claiming away his interest. Needless to say, that was not what he, nor his wife, wanted to do. The lender, in their own infinite wisdom, decided that since the loan was being taken out in the Mrs. name only, on their primary residence, and Florida is a homestead state, that the Mr. wasn't going to be a party to the transaction, lock stock and barrel. Boy, was the lender ever wrong.
The Mr. is an entrepreneur who wanted to start up another business. Being self-employed and without documented steady income, the application was strictly in the Mrs. name. Loan approved and vesting to be as "Mrs., a married woman". (Remember, we are a homestead state and marital status is to be shown on primary residences.) It didn't fly. There was no way they were going to proceed with the loan because of the QCD. (Could not reach broker, LO nor title company for assistance.) As it turned out, the paperwork was redrawn, but I was unavailable to do the signing.
|
