Aestar – How much is the transfer tax to add a child’s name onto a title?

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

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The scenario is that the primary residence with the market value of $500,000 is owned by a mother in Montgomery County, Maryland. The daughter will pay off, by cash, the unpaid principal balance of the mortgage in the amount of $50,000 in exchange for her mother’s adding the daughter’s name onto the deed. Thus, the transfer tax = $0 =

$0 (State Recordation Tax – Parent-Child Transfer is exempt.) +

$0 (State Transfer Tax – Parent-Child Transfer is exempt.) +

$0 (County Transfer Tax – Parent-Child Transfer is exempt.).

Contact me should you have further questions.

Flora 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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