Q: What specific MD law requires addendum to a Real Estate contract to change my name from individual to my family trust
A: It is not a specific law in the code, it is the principle that a contract must identify the real party in interest. Your contract does or does not have assignment language. Beware, not all contracts are assignable. If yours has the language, it can be assigned.
A:
A Contract should name the Seller (or Buyer) the same way they hold (or will hold) title.
If the contract puts an individual name and the title will (or does) have the trust, an addendum is probably necessary.
Although federal law allows a homeowner to transfer their residence into their revocable trust without paying off the mortgage, sometimes lenders are not comfortable with the loan going directly to a trust. In that scenario, buyers will often acquire property in their individual name and wait until after Closing to transfer the property to themselves as trustee(s) of their revocable trust, subject of course to the outstanding mortgage.
Hopefully this general information helps but it doesn't take the place of getting legal advice about a specific situation.
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