Posted on: 04th Feb, 2011 05:06 pm
hi anyone know if i still have to pay the maryland state and baltimore county recordation and transfer tax if my parents quit claim deed their house to me?
thank you!!
thank you!!
Once your parents sign a quitclaim deed and transfer the property to you, you will be liable for paying transfer tax and the deed recording fees.
Thanks for the reply Niicss? But base on what amount?
Maryland state + county transfer tax is 2.0% and recordation is 5$ per 1000.
Do they go by the county tax assessment value? The principle amount? The remain mortgage amount?
Thanks!
Maryland state + county transfer tax is 2.0% and recordation is 5$ per 1000.
Do they go by the county tax assessment value? The principle amount? The remain mortgage amount?
Thanks!
Hi Guest!
Welcome to forums!
As far as I know, the amount will depend upon the present value of the property.
Sussane
Welcome to forums!
As far as I know, the amount will depend upon the present value of the property.
Sussane