MONEY selling a home

What’s the Best Way to Sell My Home to a Relative?

Q: I want to sell my home to my sister for $1. What’s the cheapest way? Do I need a lawyer? — Stacy C. Bouknight, Glenside, Pa.

A: No, you don’t need a lawyer to unload your home in most states, including Pennsylvania. To transfer the home cheaply, don’t sell it; that would require a title search and insurance to do cleanly, costing several hundred dollars at least. Instead, use what’s known as a quitclaim deed, which transfers your ownership but makes no guarantee the home is unencumbered, says Nolo legal editor Mary Randolph. Fill out the document ($14.99 at nolo .com), have it notarized, and record the transaction with your county land records office.

Have a mortgage? No matter how you turn the home over to your sister, you are still responsible for paying off the note; until you do, your lender has a claim on the house.

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