Posted by Mr. Ed (ATL) on March 14, 2000 at 17:42:44:
Leon-I’m no expert, but all deals I’ve been involved with, and all titles I’ve ever examined require consideration, and it can be nominal amount, i.e. $10.00. For instance, when a grantor (seller) gives a warranty deed to a grantee (buyer), for there to be mutuality of contract (fancy legal term for give and take), the grantee has to give something of value to grantor, albeit something nominal. This must be stated on warranty deed, even if seller is taking back a mortgage, (security deed on separate document).
Long story short, I do not believe there is a contractual situation that cannot involve a nominal amount of consideration. If anyone else knows an exception to this, I’d like to know.
Mr. Ed (ATL)