Leasing office said that my apartment is rented already and there are no other 2 bedroom units they could assign to the new tenants. It will be very hard to pack and get movers and be out by Tuesday. I've been told I'd I'm not out by Tuesday at 5pm they will take possession by... Read more »
Contact the circuit court law library in the county or City of Baltimore where you live to see if they have the old volumes of the Code you are looking for; or you may contact the Maryland Department of Legislative Services, which archives all the laws....Read more »
I lived in a shared group house 3 years ago. All furnishings were provided by various tenants, none provided by the landlord. I left 4 pieces of living room furniture there when I moved in 2017, telling the other tenants my plan to retrieve the pieces at a later time. I am ready to reclaim them,... Read more »
Start by reading your former lease. It very likely contains a clause that items abandoned in the premises belong to the landlord. Even if it doesn't, you need to explain why landlord was responsible for bailing your property without his knowledge or consent for three years. And then, you need...Read more »
An acquaintance of mine (I’ll call him Ted) acquired two rental properties, one in Baltimore City and one in Baltimore County. After Ted's original business partner fell through (due $ and COVID), Ted asked if I could provide the money to convert both properties into multi-unit dwellings and... Read more »
A deed and lien (mortgage) have two distinct purposes and different sets of pros and cons. However, one can't deed a property over without getting approval of the existing mortgage lender and without paying the applicable transfer and recordation taxes.
If a contract says that a buyer has to "secure financing" by X date what is the actual interpretation of that? Do they need to be able to close the loan and sale or just show they have applied for a loan or just a pre-approval?
A friend of mine has a neighbor who is in danger of being foreclosed on due to COVID impacting his business. They are willing to sell me the home, however, I don't have the credit available to purchase it using a conventional loan since I already own my own home. I’m hoping to move into... Read more »
You really, really need a lawyer to review your plan. First, your agreement with the neighbor has no binding effect on the mortgage lender. They aren't going to stop foreclosing because you plan to start a lengthy process of acquisition. Indeed, if you try to record any form of sale, there is...Read more »
Report the incident to your condo homeowners insurance and let them handle it. I realize that wasn't your question, and, yes, you are probably liable and are covered under the liability or the property damage provisions of your coverage. The other unit's insurance also likely provides...Read more »
Under Section III, we said buyer and seller to pay equally. Do we split .25% if the buyers qualify as a first-time homebuyer. Or, does the seller pay the .25%. If you cannot answer, please refer this question to a real estate attorney. I have been trying to get an answer for hours! It is a... Read more »
There are 3 different transfer and recordation taxes in Maryland.
One of these taxes (state transfer) is .5% and is affected by the status of the buyer as a 1st time homebuyer. That tax is dropped in 1/2 to .25% for a first time homebuyer, and the Seller must pay ALL of that tax....Read more »
Escheat has almost nothing to do with foreclosure. In almost all contexts, escheat refers to the power of the state to take private property (and the very severe limitations thereon). Foreclosure refers to a private mechanism for selling property secured most often by a deed of trust or mortgage...Read more »
The contract dictates who pays the closing costs and settlement fees and the title company should follow those instructions. Note that in most cases the Seller will pay the cost of the deed preparation and the cost of recording the release for any mortgage, even if the Buyer will pay the...Read more »
A business partner of mine is considering filing for bankruptcy either 7 or 13. Me and him purchased a property together to rent as an income property. He's the only one on the mortgage. He's on the title and I'm on the title (via my business name). Am I at risk for losing the... Read more »
You would be wise to consult your own bankruptcy counsel, not to prepare your bankruptcy, but to plan options. You might want to buy him out in one way or another, and it might be better to do that from within his bankruptcy. It is an interesting problem, but, to answer your question, yes, you are...Read more »
If someone doesn't have the credit bandwidth to purchase a property from an owner in say 2-3 years as is typical. Could the contract be written for a longer period say, the length of the original owner's mortgage?
There is no limit on the freedom to contract between two willing parties. Rent to own contracts are rarely great deals for the buyer, because they pay a premium above market rate rent to build "equity" as a down payment toward purchase. Fixing a purchase price over a longer period...Read more »
There is just about a certainty that the seller’s mortgage note and deed of trust contain a due on sale clause. The seller would be creating a fraud on the bank... But, no worries. I doubt your deed would be accepted for filing, and, if it was, the lender would simply foreclose wiping you out.
Quiet title can only be given by the Courts. To quiet title in a property you'd need to first do a complete title search, then file a lawsuit. Such kinds of lawsuit may require a full trial with experts, depending on the circumstances and whether or not other interested parties contest the...Read more »
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