If the question arises, how do you guys explain the portion on the deed that says
something like " for and in consideration for the sum of $10 cash in hand and other good and valuable consideration…" Or sometimes it says $1?
That is not our job … I would tell them to contact their realtor or attorney. I did real estate closings as a paralegal for 30 years so I know the answer…would never provide it as a notary signing agent
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Oh great. That’s a load off my back 
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We learn something new every day 
I am still learning about this notary business and yet have not even begun to scratch the surface
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so true. It never gets boring 
They use $1 or now, due to inflation, $10–just so the actual purchase price is not disclosed right on the Deed for all to see. Privacy issue. I wouldn’t bother Title or LO with that or have a problem saying it.
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ok thanks, that makes sense
and if they have the audacity to ask for more information
they can call whoever made the form.
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Also has to do with conveyance taxes…and that’s all I’ll say
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You will learn 95% of what you need to know in the first two years…and spend the rest of your life learning the last 5%.
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In Texas you find the purchase price of a home by going to the County’s Central Appraisal District website. Each county has a CAD.
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There are a zillion questions which signers of real estate documents might have which I wouldn’t consider audacious.
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It pays to have title on quick dial
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I agree. It just thre to show there is some consideration. The deed never reveals the sale price
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My understanding is that a momentary consideration is required, the term one dollar or ten and other valuable consideration is translated to read…the rest is non of your business.
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One of the blessings of being a notary is that we are only supposed to scan the documents for completeness and are not permitted to do a deep read of the content nor explain those documents more than their general purpose.
If a signer asks me about such an item I politely mention to them that I do not prepare the documents and the best person to provide that information is the Escrow Officer. (We know that such terms are not to be explained by the notary to the signer unless you also happen to be a lawyer.)
The Deed of Trust can be found in County records where the property is located. If the purchase was financed, the amount of the loan is on the Deed. Purchase prices of property can also be found on apps like Zillow.
Other deeds like Interspousals, Quit Claims and the like may or may not be subject to Transfer Taxes. Some of them have the compensation written as ‘for love and affection’ or something similar. In this case, the person deeding the property away is not being compensated for the Transfer. Other times you will see a place where a sum is mentioned. If a small amount is mentioned it might be a requirement of the law that a nominal fee is stated even if the person is not actually receiving the value of their share. I am not sure if that is governed by the county or by the state. It would also be interesting to find out if a person is receiving compensation (like a divorce settlement) whether the Quit Claim or Interspousal can mention a nominal amount when the Grantor is actually receiving a larger amount. I have seen Quit Claims with the compensation stated on the document.
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This is State specific.
In PA, our Deeds show the Sale Price in the first paragraph for a purchase.
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good information, thanks