Legal Question in Real Estate Law in New Jersey
Reason for sale to spouse for $1.00
I have heard of neighbors who have sold their homes to their spouse for one dollar. In the tax rolls, the property sale amount is recorded as one dollar. What is the purpose and advantage in doing this? Thank you.
Asked on 7/03/03, 8:44 pm
1 Answer from Attorneys
Walter LeVine
Walter D. LeVine, Esq.
Re: Reason for sale to spouse for $1.00
Usual reasons are: estate planning, creditor protection (if a spouse anticipates conducting a business or practice where there could be personal liability), divorce, or other personal reasons. The transfer does not effect the real estate taxes payable on the property, which are still based upon real value of the property.
Answered on 7/04/03, 1:11 pm
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