Selling My House for $1

[Jobhunter]

What is the name of your state? WA

I think I may be getting sued by my ex-business partner for slander and libel (I haven't done anything, but that's a whole other story). In case something does come of the rumors that she's spreading about suing me, I'd like to protect myself. I just bought a house and I have a small hobby-based business (completely separateand different from the one we started together). I'm thinking about selling both the house and the business license/rights/whatever to my parents (who are in a different state) for $1 each. I've seen this on TV and in the news about people protecting themselves and their stuff this way. Is it legal? Can I do it and if so, how?

I just remember this "King of the Hill" episode where Hank's boss sells his business to Hank for a few bucks in order to protect it when he gets divorced. That's where I got the idea. Is it even possible??? I do have a substantial mortgage on the house and the business doesn't make any money (its just a hobby). I'd still live in the house and I'd still run and pay for everything. But I'd like my parent's to have a little piece of paper saying that the stuff is their's in case anything happens...

Help!!!

[HomeGuru]

Originally Posted by Jobhunter

What is the name of your state? WA

I think I may be getting sued by my ex-business partner for slander and libel (I haven't done anything, but that's a whole other story). In case something does come of the rumors that she's spreading about suing me, I'd like to protect myself. I just bought a house and I have a small hobby-based business (completely separateand different from the one we started together). I'm thinking about selling both the house and the business license/rights/whatever to my parents (who are in a different state) for $1 each. I've seen this on TV and in the news about people protecting themselves and their stuff this way. Is it legal? Can I do it and if so, how?

I just remember this "King of the Hill" episode where Hank's boss sells his business to Hank for a few bucks in order to protect it when he gets divorced. That's where I got the idea. Is it even possible??? I do have a substantial mortgage on the house and the business doesn't make any money (its just a hobby). I'd still live in the house and I'd still run and pay for everything. But I'd like my parent's to have a little piece of paper saying that the stuff is their's in case anything happens...

Help!!!

**A: yes it is legal but worse case scenario a judge could void the sale/transfer.

[Ozark_Sophist]

It's not your house. Your bank/mortgage holder 'owns' it. You would not be able to transfer clear title to your house. Your mortgage would become due, and you would have to pay it all off unless your parents can assume your mortgage.