Q: Do I have to pay transfer tax in Maryland if I am transferring deed to beneficiaries of house from deceased parent.
We have a will. Baltimore county is saying we need to close the estate but won’t let us until we transfer deed to house to me and my brother. I am personal representative. We are trying to find out what the cost of this would be as the house is currently on market. Real estate agent is saying we will also have to pay a 2.1% transfer tax if we do this. Thank you
A:
While true that Maryland counties impose transfer and recordation taxes on virtually all deeds, a transfer out of an estate to relatives is typically exempt from such taxes so long as necessary affidavits are filed with the deed. My firm routinely prepares Personal Representative deeds out of estates for a flat fee. Other attorneys and law firms in this state can likely assist as well. Every deed will also incur a $60 recording fee payable to the Clerk and depending on the circumstances deeds in Baltimore County may also incur additional county fees.
You are welcome to contact my firm by visiting its website or calling during normal business hours to get more information. While this post does not create any attorney/client relationship or promise to represent I hope it helps answer your question.
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