Real Estate Law
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MD. yes, there is mortgage and the 20% payment will be paid 50-50 by them.
Great, then using a quit claim deed will work. There is not much to the process. You will use a quit claim deed form. The person deeded their interest to the other will sign and have the deed notarized. The deed will then be taken to the county recorder's office where the property is situated for recording and once recorded the title will transfer. Here is a link for some sample quit claim deeds.
This provides all of the steps necessary to transfer title using this type of deed
Please do not hesitate to ask me any additional questions that you may have with regard to this matter.
what about the financial transactions, for example the kid wants to give back the money the parent put in the house, for example the equity and down which is the parent's share that was accumulated in course of time. how can this be done, thanks
what about the financial transactions, for example the kid wants to give back the money the parent put in the house, for example the equity and down which is the parent's share that was accumulated in course of time. how can this be done, thanksThis would not be included in the deed. You work out that out by separate agreement. If the child will be reimbursing the parent for the share the parent paid this can be accomplished through a promissory note or a contract to purchase the property.Did the parent want to sell the property to the child at some point or just accept payment of a certain amount in exchange for transferring title?
the kid may not sell legally but if the parent wants his share of the funds he put in the house back? So did you say just a promissary note that tells the reason for the financial transaction is adequate?.
You can set the terms in a joint ownership/co-ownership agreement stating the requirements to transfer the property. This too should be a relatively simple process. Here are sample agreements and information.
When you have the terms of you would like to draft it would be my pleasure to assist you. In the meantime take a look at some of the samples to see if there is a format that you prefer.
Does this agreement need to be done with house is being purchased, or can it be done when title is being transferred.
Also if the parent decide to gift away all the equity of thier share to the kid, does this need to be documented as well. Or just transferring the title to kid will automatically mean that the equity is being gifted?
Also if the parent decide to gift away all the equity of thier share to the kid, does this need to be documented as well. Or just transferring the title to kid will automatically mean that the equity is being gifted? Yes transferring the title will work.
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