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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

Name:

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?

Posted 10/23/17 10:29 AM
 
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starbrightgirl8
LIF Adolescent

Member since 1/16

537 total posts

Name:

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.

Posted 10/23/17 11:15 AM
 

b2b777
LIF Adult

Member since 9/09

4474 total posts

Name:

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!

Posted 10/23/17 4:40 PM
 
 

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