Question

Which of the following terms is used to describe the clause that states the consideration for the transfer of property?

1) grantor
2) grantee
3) recital of consideration
4) words of conveyance

Answer 1

The term used to describe the clause that states the consideration for the transfer of property is recital of consideration.

Step-by-step explanation:

The term used to describe the clause that states the consideration for the transfer of property is recital of consideration. The recital of consideration is a statement in a contract or deed that specifies the amount of money or other value exchanged for the transfer of property. It is a crucial element in the transfer of property as it establishes the legal basis for the transaction. For example, in a real estate transaction, the recital of consideration would state the purchase price.