A sale of a house is just a sale, right? Not necessarily. If you are selling your house to your children or transferring title outside the open market, then the transaction may be characterized as "not at arm's length". Since such a transfer may have tax consequences, you should discuss it with a tax attorney or accountant before taking action.

The transfer of title to a son or daughter may cause the parents to lose favorable property tax treatment, require the payment of state gift taxes, or have other unexpected consequences. From a capital gains point of view, it may be more prudent for children to inherit property than to receive it as a gift. The disposition of any real estate should be considered within the entire framework of your tax and estate planning.

For answers to all your real estate questions, consult experienced professionals who are familiar with this area.

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Margorie Grime, Broker.
Royal LePage RCR Realty, Brokerage
Independently Owned and Operated
75 First Street, Suite 14
Orangeville, ON L9W 2E6
Phone: 519-941-5151
Toronto Line: 905-450-3355
Fax: 519-941-5432
margorie@thegrimeteam.com
www.royallepage.ca

Margorie has devoted her career to real estate sales since 1975. Margorie Grime is a leading REALTOR in the area, selling a home every 3.3 days. Her activities have consistently earned her top awards. With the changing real estate market and economy, Margorie has formed this diverse team-qualified to cover all the complex details of real estate transactions, allowing Margorie to do what she does best-working with people interested in buying and selling property. Margorie is committed to providing the very best service available.