Legal Question in Real Estate Law in Maryland
transfering deed to co-ownership status (from single ownership)
Hi: how do I go about transferring ownership of my home (which is paid off) from myself to BOTH myself and my partner so they do not have to go thru pobate if I die, yet want them to have the home?
1 Answer from Attorneys
Re: transfering deed to co-ownership status (from single ownership)
You sign a deed conveying the property to yourself and the partner. In some counties, you may have to pay a transfer and recordation tax on half the assessed value of the property. You should also be aware that if you die before your partner, s/he will pay a higher capital gains tax if s/he sells the property than if you leave it to him/her in your will. However, under current federal tax law there would be a $250000 gain exemption.
An experienced real estate lawyer can prepare the deed in the proper format for you and see that it is properly recorded.
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