Subject: Aestar – Recordation tax occurs to refinance and to add daughter’s name to deed

Subject:  Aestar – Recordation tax occurs to refinance and to add daughter’s name to deed

 

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 a Mom owns an investment property, the market value $500,000, in Montgomery County, Maryland.  The mortgage was paid off entirely.  She wants to obtain a new construction loan of $250,000 to re-build the house and to add her daughter’s name to the deed of $280,000. Thus, the transfer tax = $1,725

$1,725 (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

Aestar Settlements LLC

15881-B Crabbs Branch Way, Rockville, MD 20855

C: 240-351-6098   F: 888-501-3060 E: jkan@aestar-settlements.com

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.

Copyright©2014-2016 Aestar LLC All Rights Reserved Worldwide

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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