[MD] Is there anything else I need to do when buying out my ex-partner’s share of our home?
Hello! My ex-partner and I bought a house in Anne Arundel County, MD last year - I am the only borrower (only I signed the promissory note) but we are both listed on the deed of trust as tenants in common (67% me, 33% her). We have amicably split, and I am paying her $6000 for her 33% stake in the home. I filled out a template quitclaim deed with the relevant information, which I know needs to be signed in the presence of a notary and then filed with the county. I wanted to check to see whether there is anything else obvious that I am missing in this process.
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Thank you for all of the information you've provided. I'm now ready with your answer. After you review it below, please let me know if anything is unclear or if you have any questions. My priority is ensuring you fully understand the answer and feel comfortable with it, so don’t hesitate to reach out if anything needs further clarification.
You have it outlined and planned well. I do not see an issue. You could elect to have a law firm oversee signing, notary, and filing for a small fee, but that's up to you.
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Lexi, Chatbot
I understand the situation with your ex-partner and the house in Anne Arundel County, MD. Have you both agreed on all the terms of the buyout, including any potential future liabilities?
Yes.
Lexi, Chatbot
Have you considered consulting with a real estate attorney to ensure that the quitclaim deed is properly drafted and executed to protect your interests?
I am not opposed to that as a final check, but I’d like to do most of the necessary leg work first.
Lexi, Chatbot
Is there anything else the Real Estate Lawyer should know before I connect you? Rest assured they’ll be able to help with your quitclaim deed.
No.
Infolawyer
Hello and welcome to Ask a Lawyer! My name is Daniel and it’s a pleasure to meet you! Thank you for reaching out with your question. I have been a licensed lawyer in private practice for over 21 years and look forward to helping you today. I'm sorry you're going through this. I know it can be hard and time consuming. My approach is to better understand the situation and then fully address your questions and concerns. Before I can provide an answer, I'd like to first ask you a couple of questions:
- Your ex agrees to take her name off title in consideration for the payment?
- Has the deed been signed yet?
- Ex is nowhere on the loan, to confirm?
1. Yes
2. The quitclaim deed I drafted, you mean? No
3. Correct. She is listed on the deed of trust, but the promissory note from the lender mentions (and is signed by) me alone.
Infolawyer
Okay, thank you. Please give me a few moments to review that. Thank you.
Infolawyer
Thank you for all of the information you've provided. I'm now ready with your answer. After you review it below, please let me know if anything is unclear or if you have any questions. My priority is ensuring you fully understand the answer and feel comfortable with it, so don’t hesitate to reach out if anything needs further clarification.
You have it outlined and planned well. I do not see an issue. You could elect to have a law firm oversee signing, notary, and filing for a small fee, but that's up to you.
Okay, thank you. That answers my question.
Infolawyer
Thank you so much for sharing your questions with me. I truly appreciate the opportunity to assist you, and I'm here to help whenever you need it. You're always welcome to return to Ask a Lawyer whenever you have any other questions. You can reach me directly by saving me as a favorite expert on your My Questions page, or simply typing @Infolawyer at the start of a new question.
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Daniel
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