Legal Question in Real Estate Law in Maryland
sibling buyout
my relative wants to buy out my share of real property
should I have to pay a portion of his closing costs?
I owe a mortage secured by the prop & he owes me on a second lien
Asked on 3/21/07, 11:17 am
2 Answers from Attorneys
Robert Sher
Wagshal and Sher
Re: sibling buyout
You don't have to pay his closing costs, but this is a matter of contract negotiation.
Answered on 3/21/07, 11:34 am
Robert Strupp
Robert J. Strupp,Attorney at Law, PLC
Re: sibling buyout
This depends on what you mean by closing costs. The allocation of costs, such as transfer and recordation taxes, is negotiable between the parties. If the mortgage you owe is going to be paid off, there may be a release fee.
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Answered on 3/21/07, 11:41 am
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