Legal Question in Real Estate Law in Maryland

DEED transfer
My mother did not have strong credit to purchase a home 7 years ago so she asked her nephew to sign. Now that she is older she wants to have me only on the deed and remove his name. Or have her name and mine on the deed. The condo is in Maryland and she still owes about $74,000. She still wants to maintain the mortgage the way it is now, nephews name and hers since here credit and or mine is not enough to apply for a home mortage. Is all this possible?? Thank you

Asked on 6/02/08, 2:08 pm

Robert Sher Wagshal and Sher

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Re: DEED transfer

The nephew will have to sign a new deed along with your mother in order to accomplish this. There may be transfer taxes associated with doing this.

Answered on 6/02/08, 2:28 pm

G. Joseph Holthaus III Law Offices of G. Joseph Holthaus

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Re: DEED transfer

There may be a higher interest rate that accompanies the transaction. Other possibilities exist with structuring ownership and obligations.

Answered on 6/03/08, 11:10 pm

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