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(TMZ)   Shaq sells his Orlando home for the low low price of $10. That's not a typo, $10   (tmz.com) divider line 24
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3665 clicks; posted to Sports » on 08 Jun 2014 at 1:58 PM (12 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



24 Comments   (+0 »)
   
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2014-06-08 11:43:17 AM
Well those people aren't known for being good with money.

/what? Former basketball players of course
 
2014-06-08 11:59:20 AM
No, he didn't. $10 is boilerplate deed consideration. This is beyond stupid.
 
2014-06-08 11:59:53 AM
I assume he'll have a very large capital gains tax to pay. Does he avoid that by selling it to a trust?

/Curious property owner.
 
2014-06-08 01:06:51 PM

NewportBarGuy: I assume he'll have a very large capital gains tax to pay. Does he avoid that by selling it to a trust?

/Curious property owner.



As it has been explained to me is if a home is held by a trust (which can have a situs or home in another state, Nevada has friendly laws) control of the trust can be transferred and the real estate is never sold in the state so no cap gains or even a reporting requirement except for the first transfer or purchase by the trust of the home. Easy to pass on the home, no probate and no review unless the trusts breaks some caps and if it does you can ask an attorney on how to avoid. Useful if working in a field subject to lawsuits, it makes damn near impossible to touch it.
 
2014-06-08 01:28:57 PM
+ 250000 In cash from the Haitian "businessman"
Taxes are for chumps
 
2014-06-08 02:18:11 PM
Does Shaq get the pictures back now?
 
2014-06-08 02:19:18 PM

maxx2112: Does Shaq get the pictures back now?


Yeah...was wondering what sort of sick shiat Shaq is into that got him this deal...blackmail FTW
 
2014-06-08 02:41:09 PM
Haitian "businessman" is code for 'cabana boy.'
 
2014-06-08 02:49:50 PM
Hell, I could have swung that.
 
2014-06-08 03:18:53 PM
Too bad he'll need a step ladder to climb up the toilet to take a dump.
 
2014-06-08 03:20:29 PM
He paid $234k for a 3,300 sq ft house?
 
2014-06-08 04:01:16 PM
It is not Shaq's residence. His mansion is in Isleworth and it ain't 235k I assure you.
 
2014-06-08 04:07:28 PM
Yeah, that article is full sail stupid for numerous reasons.  The $10, claiming it was "Shaq's residence," etc.
 
2014-06-08 04:15:33 PM

kronicfeld: No, he didn't. $10 is boilerplate deed consideration. This is beyond stupid.


Really?  Please explain.  Not snarking - honestly have no idea what you mean by "boilerplate deed consideration".   When bought and sold my house, $10 was never, ever mentioned.
 
2014-06-08 04:18:55 PM

Benevolent Misanthrope: kronicfeld: No, he didn't. $10 is boilerplate deed consideration. This is beyond stupid.

Really?  Please explain.  Not snarking - honestly have no idea what you mean by "boilerplate deed consideration".   When bought and sold my house, $10 was never, ever mentioned.


Here:

https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie =U TF-8#q=%2410%20deed

https://answers.yahoo.com/question/index?qid=20100314144007AAwPTvw

No, that doesn't mean it was given. That recital is very common, and the $10 is just to make it clear it was not a gift. Some people just don't want to disclose the sale price outright. 

To find out what sale price was claimed, look to your tax stamps on the Deed. You'll need to know your local tax rate to figure the sale price from the tax paid. You might also find a Deed of Trust right after it in the recordings, showing whether the buyer took out a loan to buy it, and for how much.


Checking records from the property appraiser would be one way to verify.
 
2014-06-08 04:37:14 PM

tacos4jesus: He paid $234k for a 3,300 sq ft house?


How does that sound weird?
 
2014-06-08 05:43:06 PM

FloridaFarkTag: It is not Shaq's residence. His mansion is in Isleworth and it ain't 235k I assure you.


He don't live there much. I know where he lives (hint: about 1 mile from me)
/always funny seeing him in the waffle house late nights
 
2014-06-08 06:37:00 PM
His house here in orlando I'd 64000 sq ft.
 
2014-06-08 06:40:15 PM
 
2014-06-08 11:54:07 PM

Benevolent Misanthrope: kronicfeld: No, he didn't. $10 is boilerplate deed consideration. This is beyond stupid.

Really?  Please explain.  Not snarking - honestly have no idea what you mean by "boilerplate deed consideration".   When bought and sold my house, $10 was never, ever mentioned.


In Florida, we used to draft deeds which stated the price as "for $10 and other valuable consideration."  The point?  To keep the actual purchase price a "secret."  Why $10?  It is the minimum amount on which you have to pay documentary stamp taxes.  The actual sales price was reported to the county clerk on a separate tax form which calculated the stamp taxes due.  Some counties require the actual consideration now be stated in the deed, while others will still accept the $10 language so long as you use a cover letter.  TMZ totally screwed the pooch on this one because almost every deed you will find recorded in Florida will still list the consideration as $10.
 
2014-06-09 01:56:40 AM
There's another point to this beside keeping things a secret. It allows for last-minute changes in the price of the home without having to update the deed document. When you've got a transaction that involves as many documents as a real estate closing, you don't want changeable things like numbers to be on any more different documents than necessary.
 
2014-06-09 11:40:53 AM
Came here to point out the stupidity of the article. See it is already covered.
 
2014-06-09 11:42:31 AM

Benevolent Misanthrope: kronicfeld: No, he didn't. $10 is boilerplate deed consideration. This is beyond stupid.

Really?  Please explain.  Not snarking - honestly have no idea what you mean by "boilerplate deed consideration".   When bought and sold my house, $10 was never, ever mentioned.


In lots of places, you have to state in a deed that the real estate is being sold, as opposed to given away. You do this by putting a line in the deed that "in exchange for $10 and other good and valuable consideration, the receipt of which is hereby acknowledged..." Obviously, you're not actually selling the property for $10. You're selling it for $10 plus all of the rest of the "good and valuable consideration", which is usually several thousand dollars.

But most of the time, you don't want to put a purchase price in the public record if you can avoid it at all, so you use the $10 as part of the standard conveyance language.
 
2014-06-09 08:26:17 PM

TuteTibiImperes: tacos4jesus: He paid $234k for a 3,300 sq ft house?

How does that sound weird?


You must live in a wildly different housing market than I do.
 
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