Acris: $0 for a Sale Price?
What does it mean when the recorded sales price on ACRIS is $0? We are looking at comps, and out of the 8 records, 5 homes have a selling price of $0. Is there another way to find out how much a property sold for? Thank you
What does it mean when the recorded sales price on ACRIS is $0? We are looking at comps, and out of the 8 records, 5 homes have a selling price of $0. Is there another way to find out how much a property sold for? Thank you
Just another example of silliness. Why does real estate have to be so rarefied?
Almost all deeds I review say “Ten dollars and other ….”.
You can look at the state transfer taxes to determine the price (1-3 fam & condos): 0.004%, plus 1% for transfers > $1M.
I agree with slopefarm, most with no price are related transfers, change in owner’s name, correction to deed, etc.
Some go to silly lengths to try to hide the transfer. For example, I’ve seen condo transfers recorded under the original lot number rather than the lot number for that particular unit.
Most deeds don’t actually list the consideration. It used to be that you would have to back into the purchase price by looking at the transfer tax payment. I think now the actual price is registered on the tax forms filed with the city, but the actual deeds often just read $1 (or $10) and other consideration.
Also, there does not need to be consideration for a property transfer, only for a contract of sale of property. E.g., you can gift the property without consideration.
I’m curious. My deed, from 1974, says something like “$1 and other consideration” instead of stating the actual sale price. Is that still a common practice?
On ACRIS you can click on the link to look at the .pdf of the actual deeds. A no consideration sale usually means not done at arm’s length — a transfer between family members, or among different legal entities with the same or similar ownership. You need real market sales, so these are not comps.
BTW, sloppy lawyering if it says $0; it should say $1 because there needs to be consideration.