Aestar – Assuming mortgage to remove a spouse’s title incurs no transfer tax
Aestar LLC supervises the sale transactions, verifies legal documents, and insures real estate titles.
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The scenario is that a married couple owns an investment property, the market value $500,000, in Montgomery County, Maryland. The husband is the sole borrower of the mortgage. The unpaid mortgage principal is $280,000. The wife assumes the husband’s mortgage to transfer the property title from the couple to the wife. The transfer tax = $0
$0 (State Recordation Tax) +
$0 (State Transfer Tax) +
$0 (County Transfer Tax).
Contact me should you have further questions.
Jonathan Kan, Licensed Title Producer/Notary Public
15881-B Crabbs Branch Way, Rockville, MD 20855
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This column is not legal advice and should not be acted upon without obtaining your own legal counsel.
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