Consideration is one of those terms encountered when using land records. It is the item (typically money, but not necessarily) that is exchanged for the real property being transferred from one individual to another. When the consideration is “love,” there probably is a familial relationship between the grantor (who originally owns the property) and the grantee (who is receiving it). That relationship often is a biological one, but not necessarily. Whenever the consideration on a deed is a token amount, consider that there may be a relationship between the two individuals. In modern times, the stated consideration may be a token amount even when there is no relationship between the parties involved. In those cases, there often is a mortgage or other instrument that handles the bulk of […]
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