Can you really sell or buy a house legally for a dollar?

Yes, a person can legally sell a house for a dollar -- it's a nominal fee and is meant to avoid any hassles associated with gift transfers. However, sales can be voided if done for fraudulent reasons. Like, if someone gave or sold (for nominal fee) their house to their kids right before going into a nursing home, the nursing home can void that sale in order to get the house to pay for the nursing services. Also, if a man sells a house for $1 just to avoid sharing the proceeds with his wife, I would think he'd have to cough up the value of the home, not just the sale price. If someone has filed bankruptcy, the trustee is the one who decides on the sale of houses. In trying to prevent a foreclosure by a bank, the seller would still be responsible for paying the bank the amount of the mortgage, even if the house sold for $1.

I've seen it done when people are trying to transfer property to people while they are alive instead of when they are dead through their will.

You could sell it for a dollar, or you can do an act of donation. It is perfectly legal.

What's up, just wanted to mention, I enjoyed this discussion. very valuable answers

yes, u need to have legal help to draft the sale, there is tax problem with it too,

This is good