Legal Question in Real Estate Law in New Jersey
grant deeds
Do you have to have a consideration amount on a grant deed when a parent transfer partial ownership in property to their child, and if so can the amount be any amount, for example will 1 cent suffice?
1 Answer from Attorneys
Re: grant deeds
There must be an amount as the NJ Realty Transfer Tax is based upon the consideration paid. Since you are receiving the property as a gift presumably, you can use the amount of $10.00. You will also need to attach an affidavit of consideration, since a gift is involved, which should be available either on line or in a stationary store. If you cannot find one, or need assistance in preparing the necessary documents (Deed and Affidavit), contact me. There will be no transfer tax (unless you are assuming a mortgage) and only the recording fee will be due.
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