he sold THE FREAKING HOUSE FOR $10
No. It was a deed transfer. That has nothing to do with a sale. Look at almost any deed transfer in the history of property transfers and they are almost ALWAYS for “Ten Dollars and Other Good and Valuable Consideraton”. I actually did one for a client this morning that said EXACTLY that, and I can assure you they aren’t terrorists...
He quit-claimed it to them... the $10 entry is just a formality. The interesting part is the "wife" knew about it.
The news media is showing a considerable level of ignorance in reporting this. He executed a quit claim deed, which transfers whatever interest he had in the property to the grantees. In the language of the deed is an attestation to consideration - a token amount of payment claimed to be exchanged in support of the transfer. It is often listed as $10, sometimes as $100. It is not the price of the property transferred in the deed.
He may well have gratuitously transferred his interest in the property, and the amount noted was only the stated consideration. Whatever mortgages or other financing liens existed on the property are still attached. Now his estate owes the monthly payments, and unless they are maintained by the estate or the grantees, the secured lenders will foreclose.
It’s astonishing how little the authors and editors of this story know about common real estate transactions, and how many news sources (including FNC) repeat this verbatim.
The news media is showing a considerable level of ignorance in reporting this. He executed a quit claim deed, which transfers whatever interest he had in the property to the grantees. In the language of the deed is an attestation to consideration - a token amount of payment claimed to be exchanged in support of the transfer. It is often listed as $10, sometimes as $100. It is not the price of the property transferred in the deed.
He may well have gratuitously transferred his interest in the property, and the amount noted was only the stated consideration. Whatever mortgages or other financing liens existed on the property are still attached. Now his estate owes the monthly payments, and unless they are maintained by the estate or the grantees, the secured lenders will foreclose.
It’s astonishing how little the authors and editors of this story know about common real estate transactions, and how many news sources (including FNC) repeat this verbatim.