Legal Question in Real Estate Law in Pennsylvania

Re: Deed Transfer Laws

You can sell property for "good and valuable consideration," or for "love and affection." One dollar is also good and valuable legal consideration.

Depending on who you transfer property to and from depends on whether transfer taxes apply. If a husband transfers property to his wife, or vice versa, transfer taxes generally don't apply. But if you go beyond this family model then they do apply.

You should check with an attorney for your particular sitatution. There are a few sticking points in tranfering title to property and you don't want to make a mistake which could haunt you for years to come. Most attorneys will transfer property for a very reasonable price.

Re: Deed Transfer Laws

The deed can reflect a one dollar payment. However, if the transaction is between certain family members there is no transfer tax. If the deed is between unrelated parties there will be a two percent transfer tax (not Philadelphia) of the actual transfer price or fair market value.

Gerald Hershenson

www.geraldhershenson.com