Wisconsin Transfer Deed Without Consideration
Description
How to fill out Wisconsin Transfer On Death Deed Or TOD - Beneficiary Deed From Two Individuals To An Individual?
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FAQ
The consideration is the value that the buyer transfers to the seller. Or, simply put and in most cases, the consideration reflects how much (or the dollar amount) the buyer spent to purchase the item. For instance, if the buyer purchases a car for $20,000 from the seller, the consideration is $20,000.
Voluntary conveyance refers to an elective transfer of title from one individual to another without adequate consideration. Consideration refers to compensation which is expected in return for the property. Without it, the conveyor should be prepared to offer a legal explanation for the transfer.
As a matter of contract law, a deed must have consideration to be valid. Consideration is defined as something of value given for the deed. Usually the consideration is money, but it could be for services or anything of value. The amount of consideration does not matter.
It actually means that the property is being transferred via deed without money exchanging hands. However, not all no consideration deeds are exempt from transfer and recordation taxes.
The recorded Deed is public knowledge, so by using the language of "Ten Dollars, and other good and valuable considerations" we effectively can limit the knowledge of prying eyes as to how much you just bought or sold a house for.