Legal Question in Real Estate Law in Maryland

I live in the state of MARYLAND. My boyfreind and I bought a house together. He now wants off the deed to go buy his own house. I will stay in the house and refinance to keep the house in my own name. I am told by the mortgage company that it is going to cost 5,000 to gethis name off of the deed. Is this true? If so, my clsoing cost will be over 11k. Also, since the house is in both our names, don't we split the cost of the refinance or do I have to pay all of it. It seems unfair that I have to pay all of it if we are both on the mortgage.


Asked on 10/17/12, 12:34 pm

1 Answer from Attorneys
Robert Sher Wagshal and Sher

It should not cost you anything other than normal closing costs to refinance the mortgage if you have sufficient credit in your own name to do so. There are a number of mortgage brokers out there who advertise "no closing cost" refinancing--you don't have to stay with the same lender. Of course, if your boyfriend is expecting something back for whatever he may have invested in the property, you would have to borrow enough above the payoff amount for the current loan to accommodate that. If not, once you refinance and he signs over the deed to you, he will be free to buy his own property because his credit record will be clear.

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Answered on 10/17/12, 1:18 pm


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