Aestar – How much is the transfer tax to refinance and remove Uncle’s name from a title?

Aestar LLC supervises the sale transactions, verifies legal documents, and insures real estate titles.

Aestar LLC is a different title company. Aestar offers knowledge to protect consumers: buyers and sellers.

The scenario is that David co-owns with his uncle a piece of investment property; the market value $500,000, in Montgomery County, Maryland. The unpaid principal balance of the current co-signed mortgage is $280,000. David wants to refinance alone in the amount of $280,000 to pay off the current mortgage and to remove Uncle’s name from the deed. David is willing to pay the entire transfer tax. Thus, the transfer tax = $6,132 =
$1,932 (State Recordation Tax) +
$1,400 (State Transfer Tax) +
$2,800 (County Transfer Tax).

Contact me should you have further questions.

Jonathan Kan, Licensed Title Producer/Notary Public
Aestar Settlements LLC
15881-B Crabbs Branch Way, Rockville, MD 20855
C: 240-351-6098 F: 888-501-3060 E: [email protected]
www.aestar-settlements.com
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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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Jonathan D. Kan, ESQ. is admitted to practice before the Court of Appeals of Maryland in 2017. Mr. Kan graduated as a Juris Doctor of University of Baltimore School of Law, Maryland, in 2017, concentrating on criminal, trust and estate, and real estate laws. Mr. Kan has published the Aestar Blog since 2015. He co-founded Aestar LLC in 2013. Mr. Kan has been a licensed title producer, settlement agent, and notary public serving the Maryland and Virginia states since 2013.

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