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New design displays unit owner's names

Started by dempsey123
about 12 years ago
Posts: 11
Member since: Dec 2007
Discussion about
New design displays unit owners' names and amount paid (with the removal of Insider Accounts). I realize this is public info and can researched in a few clicks. But something about this makes me feel uneasy. Anyone else? For what it's worth, I find this new design more functional than the previous iteration. Thought still not as efficient and intuitive as the original design.
Response by Aaron2
about 12 years ago
Posts: 1715
Member since: Mar 2012

Are you uneasy because others learn something about your financial status, or are you uneasy because you're learning about somebody else's?

Ownership and transfers of real estate are public documents for good reason having to do with title. I've always been interested in sale contracts where the sale price is listed as ".. for $10 and good and valuable consideration...", thus disguising the actual amount conveyed. I had heard that this form is no longer permitted, but would like to hear from somebody more knowing than me.

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Response by mts
about 12 years ago
Posts: 20
Member since: May 2009

>>>>>. for $10 and good and valuable consideration...", thus disguising the actual amount conveyed.

Nothing at all nefarious about it -

An owner transfers the property into a trust - no sale, $10 is typically the amount used.
A trust amends trustee names, or, upon death, the property is deeded to the beneficiary of the trust - again, no sale.
An owner dies and a beneficiary inherits - no sale, recorded as $10.
A life estate is established (these are big in Florida) - no sale, recorded as $10.
A couple divorces, and one spouses conveys his/her half to the other - no sale. Although on this one, even if there is some monetary compensation between the two parties, the amount is never recorded - at least as far as the transactions I've seen.

Of course, the transfer is all subject to the regular co-op/condo board acceptance, but other than that, it's all perfectly above board.

Some county property/clerk sites even have a box to check to exclude all amounts under $1,000, which is fine for finding sale prices, but not for displaying the current title holder.

I'm not a lawyer but I've been involved in numerous of the above types of transactions for myself and relatives (in NYC and other states) - and all were handled the same way.
Ah, the joy of elder care-giving..... for pretty much everyone in the family.

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