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Transferring Property is a Complex Procedure in Maryland
Whether you’re adding a new co-owner to your property, or transferring the whole ownership of your property to another person, the process of creating a new real estate title deed is a complex phenomenon in the State of Maryland. As with any complex legal procedure, obtaining capable to assistance to ensure that everything is completed properly is very important. Although, with adequate work, it is possible for a non-specialist to complete the deed transfer process, having a specialist review things to guarantee accuracy is generally recommended in all cases. If even a seemingly small detail isn’t completed accurately, this defect can have very significant negative consequences at a future point.
In this post, we will give a basic overview on how to properly record a new real estate deed here in the State of Maryland. Again, this is meant to serve as a useful survey, it is not designed to function as a thorough instructional manual. If readers intend to complete this procedure independently, they are still advised to consult with an experienced specialist to ensure accuracy and compliance.
The Steps Involved with Adding a Co-Owner or transferring Ownership
Title Deed
The first step in the process is to prepare a new title deed. You will need to prepare a new title deed regardless of whether you simply want to add a new co-owner, or transfer ownership to a new owner, or even just to reflect a name change for yourself. The deed will need to include specific information about the transaction, including the purchase price or consideration, along with other details. The deed is ultimately filed with the Division of Land Records in whichever county the property is located in.
Certificate of Preparation
In addition to the new deed itself, the original owner must include a “certificate of preparation,” a document which certifies that the deed was prepared with the assistance of either an attorney or another party.
Deed Notarization
The new deed must be notarized by a notary public.
Lien Certificate
In many counties, the deed preparer must also file something called a “lien certificate” with the county Office of Finance (at least in most cases, that is the office to file the document). Basically, this document shows what unpaid taxes are still attached to the property; generally, any unpaid tax obligations must be satisfied before the new deed can be approved.
Land Instrument Intake Sheet
Another document which must be filled out and filed is the Maryland Land Instrument Intake Sheet. This document determines the transfer and recording fees associated with the creation of the new deed. The city of Baltimore uses its own intake form, while the rest of the state has a standardized form.
Payment Obligations
In those counties which require a lien certificate, the original deed owner must satisfy any local or statewide tax obligations associated with the property. Once these obligations have been paid, this payment will be noted by the Office of Finance. The new deed cannot be completed until obligations have been taken care of.
Transfer / Recording Fees
In addition to unpaid taxes (which derive from before the deed transfer process), the transfer process itself carries a set of new fees which must be paid. There are both state and county level transfer fees, and a state recording fee (or the “state recordation tax”). These fees must be paid in order to effectuate the creation of the new deed.
Contact the Murphy Law Firm for More Information
If readers want to know more about real estate deed recording, creating a last will and testament, creating a trust, or any other estate planning matter, contact one of the estate planning attorneys at the Murphy Law Firm today by calling 240-219-5243.
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