Conveyancing and Recording
Contracts to convey, instruments of conveyance and related memoranda to state consideration
(1)As used in this section, “consideration” includes the amount of cash and the amount of any lien, mortgage, contract, indebtedness or other encumbrance existing against the property to which the property remains subject or which the purchaser agrees to pay or assume.
(2)All instruments conveying or contracting to convey fee title to any real estate, and all memoranda of such instruments, shall state on the face of the instruments the true and actual consideration paid for the transfer, stated in terms of dollars. However, if the actual consideration consists of or includes other property or other value given or promised, neither the monetary value nor a description of the other property or value need be stated so long as it is noted on the face of the instrument that other property or value was either part or the whole consideration.
(3)The statement of consideration as required by subsection (2) of this section shall be made by a grantor or a grantee. Failure to make such statement does not invalidate the conveyance.
(4)If the statement of consideration is in the body of the instrument preceding the signatures, execution of the instrument shall constitute a certification of the truth of the statement. If there is a separate statement of consideration on the face of the instrument, it shall be signed separately from the instrument, and such execution shall constitute a certification of the truth of the statement by the person signing. A particular form is not required for the statement so long as the requirements of this section are reasonably met.
(5)An instrument conveying or contracting to convey fee title to any real estate or a memorandum of the instrument may not be accepted for recording by any county clerk or recording officer in this state unless the statement of consideration required by this section is included on the face of the instrument.
(6)A transfer of death deed and an instrument revoking a transfer of death deed are not instruments subject to this section. [1967 c.462 §§1,3; 1967 s.s. c.7 §1; 1977 c.605 §1; 1999 c.654 §7; 2011 c.212 §23]
Atty. Gen. Opinions
Records involving title to real property registered under the Torrens system, (1972) Vol 35, p 1032