Legal Definitions - simulated sale

A simulated sale is a type of sale where no price or consideration is paid, and there is no intention to transfer ownership. This type of sale is usually done to try to protect property from creditors. It is also known as a simulated transaction.

For example, if a person owes a large amount of money to creditors, they may try to transfer ownership of their property to a friend or family member through a simulated sale. However, since no actual transfer of ownership takes place, this type of sale is not legally valid.

Simulated sales are fraudulent and illegal. They are often used to hide assets from creditors or to avoid paying taxes. It is important to consult with a legal professional before engaging in any type of sale to ensure that it is legal and valid.