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Yes, your parents can legally sell you their house for $1. The significance of that $1, however, is mostly symbolic.

Family members can transfer property to one another without estate tax penalties by putting the property into a trust. When placed into an irrevocable trust, the property is no longer considered part of your estate after you die.

The most common way to transfer property is through a general warranty deed (sometimes called a "grant deed"). A general warranty deed guarantees good title from the beginning of time.

How to transfer property ownership Identify the donee or recipient. Discuss terms and conditions with that person. Complete a change of ownership form. Change the title on the deed. Hire a real estate attorney to prepare the deed. Notarize and file the deed.

It is highly recommended, however, that a complete written agreement is created to avoid confusion and dispute at a later time. See our article on Oral or Written Contracts. The agreement entered into between the parties must evidence the intent of the parties to enter into a joint venture.

How to write a Joint Venture Agreement Establish the details of the joint venture. Add information about your industry, location, and which type of venture you'll form. ... Describe the members of the joint venture. ... Set terms for business management. ... Set terms to help avoid or manage disputes.