Legal Question in Real Estate Law in Maryland

Re: separate names on deed and mortgage

There's no way to accomplish this on a sale, because you would be selling the land as well as the improvement (the construction) and no one is going to buy this from you if your parents have a claim on the land. You could agree to buy the land from your parents with payment deferred until such time as you sell the property. You would sign a promissory note to that effect, and they could be given a trust against the property to secure the promise/debt.

As far as a divorce affecting title to the property, it's not clear to me what you're trying to accomplish. If you and your wife are financing the cost of what you're building, you wouldn't want to forfeit that in case of a divorce. If your parents are trying to regain control of the property to keep strangers from occupying it if you leave, you can give them an option to purchase the property in that event.

Re: separate names on deed and mortgage

Yes you can accomplish this legal objective. Several complexities arise especially with the reversionary interest. You should discuss this with an attorney as recordation is required. This transaction may involve your parents having separate representation. Tax matters are encumbant to this transaction. Contact me if you would like to discuss.

G.J.Holthaus

(410) 799-9002