What Is The MD Property Transfer Tax Exemption Code For Transfering Property Into A Land Trust?
I am working on another shortsale and I went to go record the "warrantee deed to trustee" document for the land trust but Montgomery county is trying to charge me transfer taxes even though I tell them that the owners are 100% beneficial owners of the trust.
They told me that if I can show them a MD property tax exemption code that states I dont have to pay property transfer tax for my situation they will not charge me.
Please does anyone know this code?
Try asking this in the Legal forum.
Wow! I thought the limits to 5% was bad - thanks for the heads up on Ocwen - are prorated real estate taxes supposed to be thrown in that 6% cap?
Ocwen has the 4% as a guideline, but will pay more if they get closer to their BPO. If they have to discount heavily, they stick to the 4%. I have had them pay the 4 and also more, depending on the deal.
This has been discussed a couple times, and the short answer was the contract w/ the lender prohibits assigning.
What if the contract is is entered into by chetco, LLC, and then the whole LLC is sold, rather than just contract? The bank is still selling to chetco, LLC.
This might be expensive as it needis a LLC per property, unless you recycled the LLCs.
I have always kept assignment fees out of escrow.
You could make some kinda of credit arrangement for the assignment fee I supposed.
That or a consulting fee in escrow.