If I did not receive my $10 compensation as stated ina quitclaim deed, isthe deedvoidable?
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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 12 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.
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