Legal Question in Real Estate Law in Maryland

Changing ownership on land

I bought a parcel of land with a friend. The land is financed in his name. We have sub-divided the parcel into three lots. How can we transferr one lot to my name without doing a sale & closing etc. No money is changing hands?

Thanks

Sharon


Asked on 7/09/03, 11:17 am

1 Answer from Attorneys
Robert Sher Wagshal and Sher

Re: Changing ownership on land

You simply execute a deed on the lot being transferred to you. You both sign the deed as grantors and you are the named grantee. I suggest you have a real estate attorney handle this for you to make sure the deed is properly drafted and recorded in your county's land records. You may also have to sign an affidavit of consideration to avoid having to pay transfer taxes.

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Answered on 7/09/03, 12:27 pm


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