A true story by Jonathan Taylor, aka Cupid
Recently, a man wanted to transfer a property to his son and girlfriend who had been living in the house paying rent for 20 years. Dad wanted to sell to the son for the amount of the outstanding balance on the mortgage. I explained that there would be a 3% transfer tax on 1/2 of the value of the property. The 1/2 of the property going to the son was exempt because it was a conveyance between parent and child, but there was no such exemption for the transfer to the girlfriend. He said they had been together for 25 years but just never bothered to get married. They never felt a need to. I joked and said that “If you want them to get married, tell them as husband and wife, they will save $1500 in transfer tax.” They got married two days later. At settlement, they were so excited because they got married and got a house. Life is good.


