Can I sell my house to my son for 1 dollar in Canada?

Can I sell my house to my son for 1 dollar in Canada?

A principal residence is tax-free for capital gains tax purposes upon sale or upon death. In this regard, anything you do to transfer it to your son now will be income tax-free, but it would also be tax-free later.

What refers to money that the buyer or seller needs to pay at closing?

A debit is money that the buyer or seller needs to pay at closing. The Real Estate Settlement and Procedures Act (RESPA) of 1974 was created to ensure that the buyer and seller in a residential real estate transaction have knowledge of all settlement costs.

Should you tell your realtor your bottom line?

While interviewing multiple real estate agents to find an agent to sell your home, you should never tell those agents anything you wouldn’t want the buyer to know. Imagine trying to negotiate with a buyer that already knows your bottom line and desperation to sell before he ever sets foot in your house.

Can Realtor lie about other offers?

As everyone else has said, yes they can lie about other offers but if you have an escalation clause that is being used, they need to present the other offer if requested.

Which real estate agent has lowest commission?

What Companies Offer the Lowest Real Estate Commission Fees?

• Redfin.
• REX Homes.
• Redefy.
• Door.
• Home Bay.
• Assist-2-Sell.
• Help-U-Sell. Help-U-Sell is a full service real estate company that charges a flat fee.
• A Parting Recommendation. There are a lot of great low commission real estate companies to choose from.

Can a realtor give a kickback to a buyer?

Can a realtor give a kickback to a buyer? A realtor can provide buyers with a monetary rebate, but it is not considered a kickback and is available in 41 states. Agents and brokerages are allowed to give buyers rebates out of their commission paid for by the seller.

Are real estate fees negotiable?

Everything is negotiable in a real estate transaction, including the commission, which in most parts of the country is 6 percent of the sales price, usually split between the listing agent and buyer’s agent. It’s also important to note some agents have more flexibility to negotiate their commission than others.