love and affection

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love and affection

The usual recited consideration when there has been a gift of real estate to a family member or other loved one. Love and affection is good consideration under applicable statutes,but it is not valuable consideration.Important concepts include the following:

• Atransfer of land to a child for love and affection during the parent's lifetime will often be deemed an advancement under the parent's will and can reduce the amount the child will inherit under the will.

• Love and affection will support a deed and make it valid, but it is not sufficient considera- tion so as to make a contract enforceable. In other words, a contract to transfer real estate upon love and affection is not enforceable; a deed with recited consideration of love and affection cannot be set aside.

• One who takes property for a consideration of love and affection cannot be a bona fide purchaser for value, because the consideration is only good, it is not valuable.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.