{"id":1432,"date":"2021-05-28T11:00:08","date_gmt":"2021-05-28T15:00:08","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=1432"},"modified":"2024-04-25T23:20:01","modified_gmt":"2024-04-26T03:20:01","slug":"friends-relatives-and-colleagues-how-to-sell-your-home-to-someone-you-know","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/friends-relatives-and-colleagues-how-to-sell-your-home-to-someone-you-know\/","title":{"rendered":"Friends, Relatives and Colleagues: How to Sell Your Home to Someone You Know"},"content":{"rendered":"\n
\"\"<\/figure><\/div>\n\n\n\n

Most home sales are arm\u2019s length transactions<\/em> \u2014 deals\nbetween former strangers. But selling to a relative, colleague or friend can also\nmake sense in certain circumstances. <\/p>\n\n\n\n

When friends or family members transfer homes to each other,\nthey have a few special questions to consider. Because every relationship and\nevery home sale is unique, we cannot cover all situations. Nor can we provide\nlegal advice to our readers. But we can spot some general issues sellers and\nbuyers should know. Let\u2019s dive in!<\/p>\n\n\n\n\n\n\n\n

Good Deals With Friends: When a \u201cNon-Arm\u2019s Length Transaction\u201d Goes\nWell  <\/h2>\n\n\n\n

What\u2019s gained when you\u2019re selling to someone close to you? A\nclosing date should be easy to set up between people who know each other. The process\ncan be less formal. <\/p>\n\n\n\n

By pulling up one of the online real estate sites, you can\ncheck the rough value of your house, based on comparable recent sales. The\nseller can offer the buyer a break on the home price by offering what\u2019s called\na gift of equity.<\/em> If you\u2019re selling your home to your friend, colleague,\nor relative and want to let it go at a price lower than market value, this is one\nway to do it.  The difference between\nwhat the buyer pays and the actual market value is the gift. A lender might\nallow the buyer to put this amount into the down payment, or use it for closing\ncosts generally. A mortgage specialist can explain how the gift of equity affects\nthe terms of a loan.<\/p>\n\n\n\n

To proceed with this arrangement, you as the seller need a\ncurrent appraisal. The lender will require gift equity paperwork showing the\ngift amount. Both seller and buyer will sign off on the gift; and the gift will\nbe documented with a settlement letter at the closing table.<\/p>\n\n\n\n

Too Close for Comfort? Potential Pitfalls When the Seller Knows the Buyer<\/h2>\n\n\n\n

Non-arm\u2019s length transactions aren\u2019t always appropriate. They\nhave to meet certain rules to be legally acceptable. When seller and buyer know\neach other, the lender will need to ensure that the deal is fair and properly\nstructured. There are minimum down payments. Selling the house to someone you\nknow for less than the total amount owed on the mortgage is not permitted. Failure\nto follow the rules is against the law. <\/p>\n\n\n\n

But what counts as non-arm\u2019s length? It depends on the\nlender\u2019s guidelines, as they intersect with state law.<\/p>\n\n\n\n

Law aside, plain old disappointments can happen. It\u2019s not\nunusual to want to help out a friend or relative. But as a seller, take care not\nto overpromise. What if there\u2019s a change in your circumstances, and you need to\nobtain fair market value for your home? <\/p>\n\n\n\n

Think, too, about the condition of the home you\u2019re passing\nalong. Have the buyer bring in an independent home inspector. Fix any issues\nthat crop up. Probably the last thing you want, as a well-meaning seller, is\nfor things to start falling apart after the person you \u201chelped\u201d takes over the\nmaintenance responsibility.<\/p>\n\n\n\n

Along these lines, your buyer needs an emergency fund for all\nthe necessary fixes. Freddie Mac urges homebuyers to be ready with as much\nas 4% of the property\u2019s value in annual maintenance costs. Even for a modest\ncondo valued at $150K, that\u2019s $600 a month (in addition to taxes, insurance\ncosts, the mortgage, utilities, water and sewer, waste collection, and possibly\na homeowners\u2019 association fee!). Be sure your buyer has a strong grasp on the\nfull cost of keeping up the home.<\/p>\n\n\n\n

Pro tip:<\/em><\/strong> Older homeowners must be aware of the\nfive-year Medicaid lookback period. The federal government can look back to\nfind out if the homeowner gave assets away during that period and disqualify\nthe seller from Medicaid benefits, at least temporarily.<\/p>\n\n\n\n

\u261b <\/em><\/strong>Understand\nMedicaid benefits and recovery. Ask whether the Life Estate Deed\nFits Into Your Estate Planning<\/a>.<\/em><\/strong> <\/em><\/strong><\/p>\n\n\n\n

Ask a Local Attorney About Your Alternatives<\/h2>\n\n\n\n

A local real estate attorney can help you transfer your title\nto someone close to you. With an attorney who specializes in this area of state\nlaw, you can discuss the comparative pros and cons of a sale or a trust, and\nhow everyone\u2019s living arrangements can be structured in the meantime.  <\/p>\n\n\n\n

What else can an attorney discuss with you? Taxation. <\/p>\n\n\n\n

\u261b<\/em><\/strong> Brush up on capital gains taxes and\ngift exemptions. For\nHome Sellers: Capital Gains Tax 101<\/a>.<\/em><\/strong><\/p>\n\n\n\n

You\u2019ll be passing along your tax basis if the transfer is\nlegally categorized as a gift. If the new homeowner could be selling the house\nwithin a few years, it\u2019s important to consult with a lawyer or tax specialist regarding\npotential capital gains taxes. If instead you bequeath the house in your will\nto your family member, the recipient benefits from the stepped-up tax basis.\nMaybe an inheritance is the better option if you\u2019ve seen a big rise in value\nover the time of your ownership.<\/p>\n\n\n\n

There may be other, state-specific ways to reduce taxes\nassociated with sales and loans. An attorney in the local real estate field\nwill know these things. An attorney can also help you weigh the pros and cons\nof the various ways to transfer the deed. Given the parties\u2019 financial\nsituations, could it be better to sell the home on the market, then work out\nother arrangements to help the friend or relative? Alternatively, it might be\nworth considering an installment sale agreement<\/em>, also known as a contract\nfor deed<\/em>.<\/p>\n\n\n\n

\u261b<\/em><\/strong> <\/em><\/strong>A contract for deed bypasses\nthe immediate need for a mortgage approval. The seller plans to transfer the\ntitle later, and the buyer sends the seller monthly payments for now.<\/em><\/strong> See: For\nHome Buyers and Sellers: How a Contract for Deed Works<\/a> at Deeds.com.<\/em><\/strong><\/p>\n\n\n\n

Check your state law to see if an attorney must, by law,\nhandle your sale. In most states, you\ncan draft a deed and convey it<\/a> to somebody else without a\nlawyer. <\/p>\n\n\n\n

In any case, many factors in a non-arm\u2019s length transaction\nmake an attorney\u2019s advice important to consider. Have the buyer get a separate real\nestate attorney, if you have one. <\/p>\n\n\n\n

How the Home Sale Process Works<\/h2>\n\n\n\n

When you\u2019re ready to sell the house, you\u2019ll create a purchase\nagreement to state the price and the terms of the transfer. A lawyer can help\nyou and your buyer forge a contract that meets the requirements of the state\nwhere the real estate is.  <\/p>\n\n\n\n

The next step? Begin the loan application process. A\nmortgage expert will work with the buyer, collecting all necessary\ndocumentation including the gift of equity paperwork. The mortgage specialist\nwill guide the borrower through the underwriter\u2019s hoops, too. For the best\ninterest rate opportunities, the buyer should have a good\ncredit profile<\/a>, a low debt-to-income ratio, and an ample down\npayment.<\/p>\n\n\n\n

The buyer will need to obtain title insurance. Be sure the\nbuyer understands the difference between a lender\u2019s policy and an owner\u2019s\npolicy, and between a standard and extended policy.<\/p>\n\n\n\n

\u261b<\/em><\/strong>\nRead more from Deeds.com on Standard\nand Extended Title Insurance Policies<\/a><\/em><\/strong>.<\/p>\n\n\n\n

The title company can give guidance the whole way \u2014 from\nhooking the buyer up with a mortgage pro, to handling the settlement documents,\nto recording the deed. <\/p>\n\n\n\n

Who Needs a Real Estate Agent?<\/h2>\n\n\n\n

For Sale by Owner (FSBO) transactions can be guided by a\nreal estate professional \u2014 or not. For a non-arm\u2019s length home sale, the\nservices of local attorneys may work out to be less pricey than the agents\u2019\ncommissions. That said, agents offer some important advantages.<\/p>\n\n\n\n

The knowledge and experience of a real estate agent can be\nhelpful in pricing matters, and in dealing with appraisal and inspection reports.\nSome agents will handle the purchase agreement and offer guidance for a set fee\nfor a non-arm\u2019s length sale. Agents can offer the expertise it takes when\nsticky questions come up. They can guide negotiations. As in any other sale,\nagents provide the professional filter that helps the parties avoid awkwardness\nand stress.  <\/p>\n\n\n\n

If you decide to bypass agents, it\u2019s a good idea to have an\nattorney representing each side. The main thing is to handle the transfer with\nthe professionalism that goes into any home sale. It\u2019s important that your deed\nmeets your state\u2019s legal criteria so it survives any possible challenges.<\/p>\n\n\n\n

A Great Gift<\/h2>\n\n\n\n

Transferring a house title to someone you care about can be\na wonderful thing to do. A head start in equity building is a great gift,\nespecially in today\u2019s uncertain economy. And there\u2019s something special about a\nnon-arm\u2019s length transaction. The story of your personal connection with the\nbuyer will always be part of the chain of title.  <\/p>\n\n\n\n

Supporting References<\/strong><\/p>\n\n\n\n

Rocket Mortgage: How to Buy From a Family Member<\/a> (May 15,2021).<\/p>\n\n\n\n

UpNest: What Is the Annual Cost of Maintaining a Home<\/a>? (Feb. 12, 2021).<\/p>\n\n\n\n

Photo credits: Kindel Media<\/a>, via Pexels.<\/p>\n","protected":false},"excerpt":{"rendered":"

Most home sales are arm\u2019s length transactions \u2014 deals between former strangers. But selling to a relative, colleague or friend can also make sense in certain circumstances. When friends or family members transfer homes to each other, they have a few special questions to consider. Because every relationship and every home sale is unique, we […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-1432","post","type-post","status-publish","format-standard","hentry","category-general"],"yoast_head":"\nFriends, Relatives and Colleagues: How to Sell Your Home to Someone You Know - Deeds.com<\/title>\n<meta name=\"description\" content=\"Most home sales are arm\u2019s length transactions \u2014 deals between former strangers. 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