The majority of real estate deals are known as “arm’s-length transactions,” a term that reflects the distance between a buyer and seller who do not have any kind of existing relationship. However, there are scenarios where the two parties know each other — well.

Selling to (or buying from) someone you know, especially a family member, is often called a nonarm’s-length transaction. If you’re thinking about selling your house to a child, sibling, cousin or any other relative, there are some important things to consider first.

Do you need an agent for a nonarm’s-length sale?

If you have a relative who wants to buy your house, you may assume that means you can avoid real estate agents and the associated commission fees — just under 5.5 percent of the purchase price when split between the li

See Full Page