how do you sell someone a house for $1? In FL?

Question

My mother would like to sell my brother her house for one dollar. She is moving overseas and wants to help him out. Is this customary? Someone in her office told her she can do this but that there may be certain processes they will have to follow b/c of the unusual nature of the sale. Is that true? They live in Ft Lauderdale.

Answer 1

Don't forget to file a gift tax return! $1 isn't FMV!

Answer 2

Get an attorney to handle the transfer. Unless FL law says otherwise, she should be able to just transfer the warranty deed to your brother. If not, a dollar is the same as any other amount so the amount is irrelevant. Either way, the attorney will handle writing the new warranty deed in your brothers name and cancel your mother's deed. The only complications might be if your mother still owes money on the house. Then some agreement of payoff or loan assumption must be agreed upon.

Answer 3

The whole purpose of the sale is the transfer of the deed to a different name. Contact the county office and ask the recorder of deeds what do they want submitted. There is expenses that have to be paid ($100) or less.

My wife, had her house transferred to my name through this process. I don't know why it was done, but my credit was better than hers so I just went with the flow.

Answer 4

Wow well i dont know why anyone would want to sell their house to someone for only $1 but I sure wish someone would sell me their house for $1

Answer 5

Yes so long as its basically a quitclaim deed type of transfer


housebuz

Answer 6

Step 1...get a lawyer.

Answer 7

cant she just sign the house over to him?