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Buying or Selling a Home/Buying and selling between relatives
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Question
My mom left her house to my brother and I. We live in Pa. I have lived in the house two years, have paid the taxes. Now, I am buying the house from my brother.
There will be no mortgage.
I've heard of real estate transactions between relatives listed as sale of the property for $1.00.
What benefit is this?
While one dollar is valid, Missy, usually 10 dollars is a common consideration when conveying property to another person if no sales price is mentioned. The benefit for listing a dollar amount in the conveying of property is that there must be a consideration. Technically, one dollar is sufficient. I wish you well, Missy.
Dick Dennis
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Dick Dennis
Expertise
With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.
Experience
Solving real estate problems for 37 years.
Organizations
National Association of Realtors
Publications
Publishes The Landed Gentry, guest writer in Who's Who in Creative Real Estate, First Tuesday, Financial Freedom and many newspapers
Education/Credentials
e-Pro Realtor, Certified Distressed Property Expert, Who's Who in Creative Real Estate
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