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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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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