What is consideration?
The consideration is to be marked within the transfer deed and, essentially, means what will be exchanging hands in consideration of the transfer of ownership taking place. In most cases, property is transferred for an agreed sum of money, based upon its current value. In some cases, however, property can simply be gifted, or transferred as an act of love and affection, which would mean the transfer is made with no consideration.
Whilst, on the face of it, this phrase may seem to suggest that the transfer is being made without careful thought, the aim of this clause is quite the opposite. This section of the deed is required to reflect what the parties have agreed and, therefore, should be carefully considered before proceeding to completion of the matter.
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