Private / Family sale

Asked by Eranned, South Dennis, MA Wed Feb 13, 2013

Is there a law in Massachusetts that will not let you sell your home to a famiky member for less than the value of the house?

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Heath Coker, Agent, Falmouth, MA
Wed Feb 27, 2013
Hi Eranned,

You are asking a legal question.

I'd ask an attorney and possibly a cpa.

However, my experience is that:
It is not unusual to transfer a property for a nominal fee.
It can be $1 or $100.
This may affect the future basis in the property when the new owner sells it.

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Will Raye, Agent, Harwich Port, MA
Wed Feb 13, 2013
You should talk to an attorney and I can certainly recommend one in the area if need be, but you should be able to transfer for less than the market value. I have seen many $1.00 transfers between family members down here and towns do not, for now, require a Title V septic for transfers such as that.

Dennis is a great town. Good luck with the transfer!
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Not sure why it says dennis, I am in Harwichport. Thank you, If you could give me a few names that would be great!
Flag Wed Feb 13, 2013
Sarah Goulart…, Agent, Plymouth, MA
Wed Feb 13, 2013
I am not aware of that and have seen many sales of homes for $1.00. Always best to contact a real estate attorney.
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Richard Shap…, , Framingham, MA
Wed Feb 13, 2013
Not that I am aware of. Sales between family members below msrket price is very common. If you are going to finance the purchase their ways to set it up so you don't have to put any money down.
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