If I did not receive my $10 compensation as stated ina quitclaim deed, isthe deedvoidable?

Get Legal Help Today

 Secured with SHA-256 Encryption

If I did not receive my $10 compensation as stated ina quitclaim deed, isthe deedvoidable?

Asked on February 11, 2012 under Real Estate Law, Tennessee

Answers:

Joseph Gasparrini

Answered 9 years ago | Contributor

No.  The statement that the buyer is paying $10 is not to be taken a a literal statement.  It is figurative, or you might say symbolic, but it does not serve any legal purpose.  Currently it is common for lawyers to write in a deed or a contract "in consideration of ten dollars and other consideration"  In the past it was common to say "in consideration of one dollar, etc."  The statement about ten dollars is used in a legal document in the same way as the earlier statement about one dollar.  It is merely a way of telling anyone who reads the document that they buyer paid something for the property; or in the case of a contract, that each party has agreed to give something of value or make some significant promise in exchange for the promised performance from the other party.  The statement about the dollar or ten dollars is not to be taken literally; and it does not create any legal obligation.  Thus, the answer to your question is: the deed is not voidable for failure to pay the symbolic consideration mentioned in the deed.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption