What document states the actual consideration in a property transfer?

The sales contract serves as the document that states the actual consideration in a property transfer. This is because a sales contract outlines the details of the transaction, including the purchase price, which is referred to as the consideration. It details the agreement between the buyer and seller regarding the terms of the sale, including what is being exchanged for the property.

The deeds, while necessary for the transfer of ownership, do not typically include information about the consideration amount. Instead, they focus on the transfer of title. The closing statement is a document that itemizes and summarizes the financial transactions involved in the closing process, giving a breakdown of the costs, but it is prepared after the sales contract and does not originally establish the consideration. The title insurance policy is intended to protect the buyer or lender from title defects and does not pertain to the aspects of consideration or the terms of payment for the property. Thus, the sales contract is the primary document where the actual consideration is articulated and agreed upon in writing.