WebEvery Maryland County and Baltimore City has a Land Records Department located in that Countys Circuit Court. property. For example, if you owned an 80 percent interest and your sister a 20 percent interest, your sister could only take out a mortgage for 20 percent of the value of the property. However, in practice, they may refuse regardless of who you're adding to your house title or why. When executed and notarized, the quitclaim deed legally overrides the current deed to your home. But a lifetime gift tax exemptionis available as well. You can use an electronic signature if you complete and submit an Affidavit of Intent to Use Electronic Signature. the amount you originally paid for the property). Ultimately, this approach leaves less of an estate tax exemption to shelter your remaining assets from estate taxes when you die. Property tax exemptions mean that you pay lower property taxes, and sometimes no property tax at all. 6. Co-owners who are tenants in common can use the property as security on a loan or take out a mortgage on the property, but only to the extent of their ownership interest. You can read about the steps to You'll likely need to get the document notarized and will need to file it with your county's recorder office. There are two ways to get a copy of your deed. Fill out the form and sign it before a notary to make the transfer legal. Children under 18 lackthe capacity to sign binding All deeds must pass through a two step process in the following order: Finance Department 3430 Court House Drive, 1st Floor George Howard Bldg. What is a quitclaim deed? The deed can Seek professional help from a Maryland lawyer or title company to determine the exact costs of any specific transaction. This article helped point the way. lived and learned, and know that relationships with loved ones canchange ", Internal Revenue Service. Each method has different legal consequences, so it's important to do it correctly. I want my children to inherit my property. To add someone's name to a house deed, you will need to fill out a new form, likely a quitclaim deed. Check the Directory of courts for hours and locations. If you're adding a name to a deed, but not selling the home to this other person (you're simply transferring some of the ownership), you may be exempt from paying a transfer tax. In this case, 91% of readers who voted found the article helpful, earning it our reader-approved status. For example, the creditor could put a lien on or seize the property. sure to consider the unintended consequences. This type of deed does not provide any warranty of good title. Some Understanding Real Estate Transfer Taxes in Lake County. For example, it would work to say "Suzy Sunshine and Martin Moon as joint tenants with right of survivorship and not as tenants in common.". In legal effect, you now do not own that property. Important Facts for State Policymakers Deficit Reduction Act. Complete the deed, filling in your name as the current owner, and your name along with the additional person's name as the people to whom you're deeding your property. Evaluating Financial and Legal Consequences, {"smallUrl":"https:\/\/www.wikihow.com\/images\/thumb\/3\/3e\/Add-Someone-to-Your-House-Title-Step-1.jpg\/v4-460px-Add-Someone-to-Your-House-Title-Step-1.jpg","bigUrl":"\/images\/thumb\/3\/3e\/Add-Someone-to-Your-House-Title-Step-1.jpg\/aid9653557-v4-728px-Add-Someone-to-Your-House-Title-Step-1.jpg","smallWidth":460,"smallHeight":345,"bigWidth":728,"bigHeight":546,"licensing":"