1040.000.00 Transfers of Property

1040.015.10 Fair and Valuable Consideration

‘Fair and Valuable Consideration’ means money, real or personal property, or services received from the person(s) to whom the property was transferred is equal to approximate market value at the time of transfer.  “At the time of transfer” will mean the date on which the property was conveyed or within 30 days of that date.

EXAMPLE:  Ms. Jones owns a house for which she received an offer of $5,000.00 from a real estate agency.  She sells the house to her brother for $4,700.00.  To pay for the house, he gives her a car valued at $2,300.00, and $2,400.00 in cash.  This is considered fair and valuable consideration.