Legal Question in Real Estate Law in Pennsylvania

home sale

Can my parents sell there home to me for $1.00 ? If so would there be any penalty for this ?


Asked on 1/30/08, 12:17 am

1 Answer from Attorneys
John Davidson Law Office of John A. Davidson

Re: home sale

Sure they can. Many families execute deed with the consideration of $1 and much love. That said the transfer tax will not be based on that.

Do the line you may wish to consider the income tax implications of such a transfer.

If you have any questions feel free to contact me. The initial consultation is free.

{John}

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Answered on 1/30/08, 8:53 am


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