Legal Question in Real Estate Law in Maryland
Q1 Own a house where my father and I are on the deed and note. I want to remove father and add my mother, who is divorced from him, and add my brother, and take me off. New mortgage will have mother and brother. Up/down relationships OK, lender says it can be done. Should the deed transfers be done before the loan approval process or at same time?
1 Answer from Attorneys
The deed transfer can take place either first or coincident with the settlement on the mortgage.
Your brother and mother will have to be in title in order to execute the new mortgage as the owners of the property. Check with your lender to see if it wants the new deed in place prior to approval of the loan or before the settlement on it. If so, a real estate attorney can prepare and send you a properly prepared deed for you and your father to sign, and can take care of the recording process as well. (I've done many of these)
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