Buying or Selling a Home/selling to family


Jessica, this may not be in your field since your a realtor, but you may know how to go about it.  My husband and I are older now, and have 2 grown children.  We were thinking of signing over our house to our son.  I know you need a lawyer to do this, but thought you may know exactly how this is done.  I know parents sell homes to children for a $1. is that the only way to do this.  If you can't answer that's OK, just thought you may know the process. thank you.

Hello Jan;
There are several ways to do this.  Depending upon the state in which you live there are different laws that require slight variations.  You can certainly change title on the deed.  If the home is paid off, then it is an easier process. Otherwise you will have to treat it as a sale with a pay-off to the lender for the remaining amount due.  The other thing that has an impact on the procedure you choose are the taxes involved. If the home is 'gifted' to your son, there are limits to the amount that can be given without taxable implications.  If it is sold to the son, there are other tax implications. If it is sold for $1 then you have losses, write-offs, one time capital gains (or not) issues, etc.

Besides talking this over with an attorney familiar with estate taxes and estate planning; you might need to check with your CPA.  It all depends upon the cost and value of the home; your personal tax situation, and your entire estate.  I am sorry that I cannot give a clearer answer but what I can say is that talking to and estate attorney first will provide you with advise based upon your financial portfolio.

Best regards,
Jessica Bryan
Managing Broker
House to Home Realty Services

Buying or Selling a Home

All Answers

Answers by Expert:

Ask Experts


Jessica Bryan


buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.


Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.

©2017 All rights reserved.

[an error occurred while processing this directive]