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Selling your Home to a Loved One

The people who are closest to you will be the first to know you’re selling your home. When a friend or relative expresses interest in purchasing your property, proceed with caution. These types of transactions can be tough on your relationship as well as your home valuation.

Personal relationships can complicate, slow, and hinder the home selling process. Your friend or loved-one may a discount, and be unwilling to pay market value for the property. Haggling over a sales price can comprise your relationship with your loved one, if not make it go completely sour.

Consult your tax advisor, as you may be able to claim certain relatives as legal dependents. Such a relationship can produce tax benefits that will help you recover your sale expenses. Be sure to have a lawyer draft a legal document specifies the agreement between you and your friend or love one in advance of negotiation.

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