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Selling a home to a family member
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b2b777
LIF Adult
Member since 9/09 4474 total posts
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Selling a home to a family member
Has anyone ever done this? I have a family member that is interested in buying my home, all cash.
Do the closing costs differ than when selling to an outside buyer?
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Posted 10/23/17 10:29 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
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Selling a home to a family member
For the seller, you'd save the real estate commission (3-6% of sale price). You'd still have to pay the transfer tax (.4% of sale price).
For the buyer, on an all cash deal, closing costs would depend on the cost of their title insurance and the recording fees.
There would be no real difference in the costs from an outside buyer.
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| Posted 10/23/17 11:15 AM |
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b2b777
LIF Adult
Member since 9/09 4474 total posts
Name:
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Re: Selling a home to a family member
Posted by starbrightgirl8
For the seller, you'd save the real estate commission (3-6% of sale price). You'd still have to pay the transfer tax (.4% of sale price).
For the buyer, on an all cash deal, closing costs would depend on the cost of their title insurance and the recording fees.
There would be no real difference in the costs from an outside buyer.
Thanks!
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| Posted 10/23/17 4:40 PM |
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