Posted by B.L. Renfrow on May 28, 1999 at 10:46:59:
Feel free to correct me if I’m wrong, but I believe it depends upon your state. I’ve discussed this with two attorneys here in NY and their opinion is that “consideration received” does not have to be cash; it can be whatever you and the other pary agree upon, i.e. your word, $1, whatever. For the record, I’ve taken several options to purchase property and have never paid a dime to the sellers in option consideration. They never asked and I never offered. Of course, these have all been properties with motivated sellers in a slow market. In a hot market, I might not get away with this.