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Michael Joy, Home Seller in Baltimore, MD

My elderly aunt wants a boarded up, inhabitable home in Baltimore, MD out of her name ASAP. What are the steps to transfer the property to me?

Asked by Michael Joy, Baltimore, MD Sun Jan 15, 2012

My elderly aunt wants to transfer ownership of a boarded up, unoccupied, inhabitable home in Baltimore, MD to me. She is in ill health, can no longer pay the yearly property tax and basically wants it out of her name ASAP. The hope is to sell the home and maybe get a few dollars to help with her medical bills. What are the steps we take to transfer the property out of her name? What options are there for quick sale for a home of this type in today’s market? How and where do we begin the sale process? And are there other options you may recommend in this matter?

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Answers

6
Michael,

Sorry to hear about your tough situation. I deal with a lot of properties like these over the last couple years and live and invest in Baltimore. I wanted to give you some more information for your financial planning. Some of these properties are not worth anything. It really depends on the size, condition, and location. Sometimes my clients buy near tenant ready properties for less than 8,000! So before you transfer it into your name make sure it is not a financial liability first as it is possible you could get stuck with bills rather than a check. If you need more advice let me know, I know the city well.
1 vote Thank Flag Link Sun Jan 15, 2012
If you really want to pay your aunts medical bills, why not have her sign a limited power of attorney (giving you the power to sign on her behalf) for the sale of the house, auction the home and transfer net proceeds (net of any outstanding taxes or liens) of the sale to her account. No need to transfer the home to your name unless you are looking to make a buck off of your aunts misfortune. This will also avoid having to pay any transfer tax and you won't have to pay any outstanding liens or delinquent property taxes out of pocket. If the title transfers and there are liens/delinquent property taxes present you WILL have to pay them to title the home in your name.
0 votes Thank Flag Link Fri Feb 3, 2012
Yes you need a good title company in the Baltimore area. For my Baltimore clients I recommend East Coast Title. http://www.eastcoasttitle.biz/
Ask for Paula. She always does a great job.
Hope this helps.

Thanks,
Brent
0 votes Thank Flag Link Mon Jan 16, 2012
Hello Michael,
You want to contact a title company, they will transfer the property for you legally. I use Clearview Title they are located on north Charles Street.

Any other questions,
give me a call,

Eileen Bumba
Top Producer
Long and Foster
410-790-1757
eileenbumba@gmail.com
0 votes Thank Flag Link Sun Jan 15, 2012
You need to go to a title company and ask them to prepare a quit claim deed. You should also ask for a title search because there may be liens, delinquent taxes, etc. for which you could be responsible. This will cost a couple hundred. You are then free to sell the property for whatever you wish. The fastest means of sale would be absolute auction. Call me and i can recommend a auction company that specialized in properties of this type.

Bob McGee
Advance Realty Timonium
(410) 560-4574
0 votes Thank Flag Link Sun Jan 15, 2012
Hi Michael,

Contact a reputable title company. There is usually little to no cost for a family transfer. I recommend Homeland Title and Escrow at (410) 544-6700. Ask for Karen and let her know that Laura sent you!

Please note that if you are planning to sell it, you can do so while it is in her name and the sale will effect the transfer to the new owner at the time of settlement.
0 votes Thank Flag Link Sun Jan 15, 2012
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