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maximusweaver, Home Buyer in Baltimore, MD

How long does it usually take to redeem a redeemable ground rent? Time is of the essence due to my refinance that I am attempting

Asked by maximusweaver, Baltimore, MD Fri Feb 1, 2013

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4
Michael,

YES.....Your photo make a statement...GO RAVENS!

Bill
1 vote Thank Flag Link Sun Feb 3, 2013
Thanks, Bill :)

Enjoy the game!!!

Mike
Flag Sun Feb 3, 2013
Hi!

It sounds from the email that you may be in a hurry to do this but it doesn't say why it is a time is of the essence scenario. I don't think that they can require you to redeem it as a condition of a refi. Are you trying to roll the cost into your new loan?

The application at the taxation website has a formula to determine the amount. If it is not crucial to the refi itself, and if you're not rolling the cost into the new loan, then you should be able to do this anytime you wan to. More information is on the Assessments and Taxation website, at http://www.dat.state.md.us/sdatweb/Groundrent.html. You can also call them at 410-767-1151.

They have a loan program available for ground rent redemption if you can't get it done in time to roll it into your refi loan. Best bet is to call them or check out the website to get more details. You could also check with your title company for the refi.

Here is a link to the application for ground rent redemption too: http://www.dat.state.md.us/sdatweb/groundrent_appl.pdf.

Best wishes!

Mike Carnahan
Advance Realty Direct
410-288-6700 office
1 vote Thank Flag Link Sun Feb 3, 2013
Hi Maximus,

This can be easily and quickly accomplished as long as the title compay has access to the information on who holds that ground rent. Shouldn't be a problem.
0 votes Thank Flag Link Sun Feb 3, 2013
If you get your title company that is handling the closing of your refinance to work on it...it should not take very long. Just don't wait until the last minute as it does take some time to do the necessary research to find the ground rent owner. You can instruct them that you want the ground rent redeemed so that you will no longer pay it.
0 votes Thank Flag Link Fri Feb 1, 2013
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