Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I have seen a few of these, actually. When the piece of property is an odd shape, or a small size, or landlocked, such that no house could ever be built on it. Often this happens when the county takes ground for a project, like a road widening, and the leftover piece is unusable. They will often sell to a neighbor for a very cheap price. I have seen pieces be sold for $1.
I have seen a few of these, actually. When the piece of property is an odd shape, or a small size, or landlocked, such that no house could ever be built on it. Often this happens when the county takes ground for a project, like a road widening, and the leftover piece is unusable. They will often sell to a neighbor for a very cheap price. I have seen pieces be sold for $1.
It has an actual street address, as if it was more than just a piece.
Not sure at this point.
It changed hands in 2001 and again in 2010. Same $10.00 as the amount financed.
The deed stamps cost $1036.00.
Does that number make it more likely that is was a house?
And a lawyer handled the transactions.
Under what circumstances would someone sell a house, or property, for $10.00?
When the name of the seller (grantor) and the name of the buyer (grantee) are not the same.
1. maybe an heir or beneficiary? (but the last name is not the same)
2. maybe a gift to someone?
3. ?
Thanks.
The house may not actually be selling for $10...the deed may just say for Ten Dollars and other good and valuable consideration.
To be valid a deed requires consideration...most people don't want the actual purchase price to show up on the deed....deeds are public records and neighbors are nosy.
The house may not actually be selling for $10...the deed may just say for Ten Dollars and other good and valuable consideration.
To be valid a deed requires consideration...most people don't want the actual purchase price to show up on the deed....deeds are public records and neighbors are nosy.
In 2001 the deed says is was worth (tax value I assume) $74,000 single dwelling home.
I have no idea what might be going on. Deeds don't usually list the value of the home (at least not in my area), they list the amount borrowed. And then it is just on the deed of trust, not on the warranty deed. And I assume they didn't finance $10, since that would just be silly. And I've never heard of a "deed stamp", in my area, we have a "recording fee" and it is nowhere near that much money (more like $20). Of course, I'm not an agent, I just work a desk in a real estate office, so there could be something called a "deed stamp" that I've just never run across, or it could be something my area doesn't do.
I have no idea what might be going on. Deeds don't usually list the value of the home (at least not in my area), they list the amount borrowed. I just work a desk in a real estate office, so there could be something called a "deed stamp" that I've just never run across, or it could be something my area doesn't do.
In Georgia, for example, they are referred to as:
Deed Documentary Stamps.
One dollar per every one thousand dollars of consideration and usually paid by the seller.
I'm not sure about all states.
In Missouri, we're one of those "ten dollars and other valuable considerations" states. There's a recording fee, but it's not based on value. So there's no way from public records to determine what a person actually paid for a house, but you can see what their original mortgage amount was, which may or may not be meaningful.
Well that pricing structure sounds similar to what our title companies charge to make sure the deed is free and clear, called "Title Insurance", but that cost isn't public information here, no one but the parties of the transaction would have access to that. So it sounds like things are done enough differently in your area than mine that I can't even begin to formulate a guess.
Regardless, you said the stamp cost was $1036, and that it costs $1/thousand of purchase price. Just doing the math, doesn't that mean the purchase price was $1,036,000?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
