Each attorney and/or title company sets their own fees for deed and title work. Generally there are two common scenarios involving title transfers or deed changes: A) a full settlement (with title exam, title insurance and a formal closing) or B) a stand-alone deed transfer. Some attorneys will prepare a stand-alone deed but will not assist with recording. Arden Law helps indviiduals and businesses with many common transfers for a low flat fee that includes necessary intake sheets, affidavits and coordinating recording.
Some deed fees are fixed by law. For example, every county has a RECORDING fee and many towns and cities in Maryland require a “lien sheet” or other municipal clearance with fees paid to the treasurer or finance office. If TRANSFER TAX is due, it will be set by law. If you have a question about transfer taxes, check out our FAQs or give our office a call at 410-216-7000.
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The typical deed in Maryland involves 3 different transfer taxes. These include:
State Transfer Tax (1/2 of 1%, but this is reduced for 1st time homebuyers)
County Transfer Tax (varies county by county)
Recordation Tax (varies by county)
These taxes can be signifcant (several thousands of dollars). In most counties the tax will be 2-3% of the Consideration. If the property is not sold for fair market value taxes may be assessed based on other factors (such as the assessed value of the property).
Maryland law allows for specific exemptions from transfer taxes. THESE EXEMPTIONS ARE NOT AUTOMATIC AND GENERALLY REQUIRE DOCUMENTATION. If one of the following situations applies, with appropriate documentation some or all of the transfer / recordation taxes may be waived. Our firm can generally quickly assess whether your deed qualfies for a possible exemption from tax:
Life Estate (Payable on Death) Estate Planning Deeds
Parent to Child Deed (note: MOST parent/child deeds are fully exempt, some may incur COUNTY level taxes in some counties)
Deeds to Owner’s Revocable Trust
Spousal Deeds (transfers between husband & wife, whether currently married or pursuant to divorce)
Inheritance Deeds (transfers out of an estate to heirs)
Specified transfers to/from an owner’s LLC or Corporation (LIMITED exemption, only in certain circumstances)
Every deed, whether tax exempt or not, will have recording fees. These include:
Filing fee / recording fee to the Clerk. (generally $60 but may be higher for long deeds or deeds under a Power of Attorney)
E-file fee for electronic submission
County Finance Department charges or lien sheet fees (these range from $20 - $100 and apply based on the specific county and/or town. Some counties do not charge a lien sheet, while others do. Some locations require both county level and town or city level stamps, each with a fee.
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