If a deed was convey in 2003 and the amount of consideration was listed a ten dollars is it valid. It was signed by both parties

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The recent increase in values in my area is making my friend regret not owning the house although she never put a cent into . I paid her 5000.00 to get the loan for me and took her name off in two years. She may be pressure by others to go after me. What can I do to protect myself. Her name is totally of the deed.

3 Attorney Answers

Deeds in NY and in many, if not most, states do not recite the actual sales price. Instead, they simply recite "for $10.00 paid and good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged." This is the general form that the county clerk (deed recording office) expects. The idea was probably originally for privacy -- so the actual purchase price wasn't evident on the deed itself. Nowadays, especially with all of the County Clerk and private websites like Zillow and Trulia, the amount paid for any given property is readily attainable by anyone. The actual sales price is in the contract and that is paid before the deed is signed. So the short answer is that this is just a customary way of preparing deeds for recordation. It has NO bearing whatsoever on the value of the property used for tax assessment, net worth, or any other purpose.
The amount of consideration where it lists it as $10 is just a term of art. Some consideration must be listed so it is common to show just $10. The actual consideration is what determines the transfer tax paid. The deed is valid. Your friend trying to get money from you is unlikely. First, having transferred the deed she no longer has any interest in the property. Additionally, you describe having paid her to obtain a loan for you because you apparently could not qualify on your own. Those facts lay the basis for both of you having participated in loan fraud which is a federal crime. She could put both of you at risk of prosecution if she attempts to extract money from you.
All legal transactions are required to have at least nominal consideration.
If you are concerned, I would suggest making an appointment with a local real estate attorney.
Good Luck.

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