You have some very good advice so far. I would recommend talking with a CPA regarding tax consequences...not only for you, but potentially for your son.
My experience is that most people act first and try to solve problems AFTER the fact. The BEST way is to get the advice of competent professionals to avoid future problems.
Yes ,you can, or course this will not be viewed as an "arms length transaction". You and your son might also want to check with your respective tax persons to make sure there are no tax ramfications as a result of the sale.
S.Jackson Associate Broker
Americas Network Realty Group, Inc.
We are also taking for granted you know your homes true worth. Quite often Sellers percieve their homes value higher than it really is. I would recommend you get an independent appraisal to determine the "gift" amount. This is one time where you don't want to press too much all the wonderful improvements to your home. The lower the home appraisal the less the gift.
Delaine Campbell, REALTOR
Long and Foster Realtors
PS: How long have you owned the home? Has it been a rental or have you lived there? You may have some tax payment implications associated with the sale of the home, so you might want to look into that to make sure you have the information you need to make good decisions and to ensure the transaction goes as well as you want.