I might be missing something from your fact pattern, but why not sell the house to a 3rd party yourself and then gift the proceeds that remain after paying off the mortgage and other costs of the sale to your son. If you sell to your son for $60,000 and gift to him $100,000 in equity, your son's basis in the property (which is not likely his primary residence under IRS rules) is the value of the purchase price (plus maybe some more if your basis in the property is more than $60,000), which means when your son sells for $160,000 to someone else, he may have a taxable gain to report. However, if you meet IRS's rules for the property being your primary residence, you will have NO gain on the sale, and since NC no longer has a gift tax, there will likely be NO tax payable on the gift of the $100,000 to your son (even though you will need to do a Federal Gift Tax return).
If you mean that you will sell to son for him to hold the property until you die, then sell the property...STOP. Go visit an Elder Law attorney in your area before doing anything else. You might be thinking about Medicaid planning. Medicaid planning is not a self-help thing. Do not listen to your friends and neighbors, only act after meeting with a qualified attorney. Even if Medicaid is not the reason, you might be creating a tax that wouldn't exist otherwise if you just left the property to your son in a Will.
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That is a pretty straightforward transaction and it would happen just like you describe. You need a lawyer to prepare the documents and to take care of paying off the mortgage. It will cost you $300-$500 in most circumstances.