Legal Question in Real Estate Law in Maryland
My Gradmother was going to file for bankruptcy; the lawyer advised her not to, because she would end up losing her house. He then suggested that she add my name to the deed. I want to help my grandmother out but by adding my name what does that hold me responsible for? We both live in Maryland however not together.
1 Answer from Attorneys
If your grandmother is insolvent or close to it, adding you to the deed does nothing to protect her but could draw you into the problem. You would not be liable for the debts, but could get sued to avoid the fraudulent transfer AND your grandmother could be in trouble for engaging in the fraudulent transfer (and if she still needs to file bankruptcy, doing this could result in the denial of her discharge). If you buy the house for fair market value, that would be fine, but giving it to you to avoid creditors is a bad idea.
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