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General Real Estate License Questions Questions about licenses, differences between sales associates, brokers and appraisers, what to do if your license expires, reactivation, etc.

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Old 07-28-2008
brett brett is offline
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Join Date: Dec 2005
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Question Why does a deed transfer require good/consideration?

Why does a deed transfer require good/consideration? (Think in terms of an heir receiving the deed and title to property free from a testator). One of the required elements of a valid contract is exchange of value/consideration....but not a deed transfer, right?
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Old 07-28-2008
jdelugo jdelugo is offline
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A deed requires good or valuable consideration; a will (from a testator) does not. Many deeds show "$10 or other valuable consideration" in the wording, but "good consideration" (love and affection) is fine also.
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