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BUSINESS
April 1, 2001
Dear Mr. Azrael, What are the steps in adding a name to a deed on a home? I know an elderly lady, recently disabled, who wants to add one to her deed. Robert Scherer Baltimore Dear Mr. Scherer, When elderly people add another person's name to a property deed, it's usually because they want that person to own the property when the older person dies. There are several ways to add another person's name to a deed. Each method has different legal consequences, so it's important to do it correctly.
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NEWS
July 20, 2012
Baltimore City's belated effort to collect full-rate property taxes on unsold but move-in-ready condo units highlights how much reliance the city places on property owners to shoulder, among other things, the costs of infrastructure and public safety services ("Condos' tax bills see big increases," July 16). No doubt these experienced developers had budgeted for these taxes and were wondering just how long the heavily discounted undeveloped-property-tax-rate windfall would last. Does an extra step need to be added to the new property development process to highlight that bright line?
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BUSINESS
By JONATHAN A. AZREAL | October 2, 2005
A few years ago, a relative left a property to her two siblings, half each, so both names are on the deed. Now, one wants to sell the property, but the other does not want to sell. So, the one who wants to sell has asked the other to buy him out. If the one who wants to keep it does not have the money or otherwise refuses to buy, does the one who wants to sell have any recourse? If the co-owners cannot agree, either can go to court and force a sale of the entire property. The legal action is called a partition suit.
NEWS
By Melissa Harris and Melissa Harris,SUN REPORTER | March 14, 2007
When Philadelphia-based Resources America Inc. sold the 30-story Alex. Brown Building in downtown Baltimore to a Miami firm last year, they structured the deal in a way that saved them an estimated $2.4 million in city and state transfer and recordation taxes. In 2002, the Rouse Co. used the same legal method to sell 11 shopping centers in Columbia to a New York company, depriving Howard County and Maryland of an estimated $2 million in tax revenues. Most big-ticket developers don't exchange real estate in the same way that homeowners do. Instead of buying property, they acquire ownership of a limited-liability company whose only major asset is property.
NEWS
May 11, 1993
The engine that powers Carroll County government revenues is slowing, which spells trouble for the county's efforts to provide services for a growing population. The power train is the county's assessable base of real property, which is worth about $2.85 billion.If the recent assessments are any indication, the county's major source of revenue will be stalled for the next few years. The annual double digit increases in the value of the county's real property -- so common in the 1980s -- are history, of course.
BUSINESS
February 15, 2004
Dear Mr. Azrael: Recently, my mother passed away and I am the executor of her will. There are two ground rents that she owned. How do I turn them over to other family members? Can I do this myself or do I have to have a lawyer to process the papers? How much would this cost, as the properties are very old? Dear reader: Under Maryland probate law, there is a specific process that must be followed to transfer real property of a decedent to the persons who are legally entitled to receive the property.
NEWS
July 20, 2012
Baltimore City's belated effort to collect full-rate property taxes on unsold but move-in-ready condo units highlights how much reliance the city places on property owners to shoulder, among other things, the costs of infrastructure and public safety services ("Condos' tax bills see big increases," July 16). No doubt these experienced developers had budgeted for these taxes and were wondering just how long the heavily discounted undeveloped-property-tax-rate windfall would last. Does an extra step need to be added to the new property development process to highlight that bright line?
BUSINESS
September 26, 1999
Dear Mr. Azrael:I want to know if a child can own a home?William Larkey Glen BurnieDear Mr. Larkey:A minor child legally can own a house, but, in my opinion, it is a bad idea. A child under the age of 18 is a minor and lacks legal capacity to sell, mortgage or convey his or her interest in real estate.To sell, mortgage or convey real property owned by a minor, an adult guardian would have to be appointed by a court to act for and on behalf of the child. This is a time-consuming and relatively expensive process.
BUSINESS
January 23, 1994
WHAT'S UP?If you have company news, we would like to hear about it. Send notices for the Real Estate section's "Industry Watch" listing to: Industry Watch, The Sun, Real Estate News, 501 N. Calvert St., Baltimore 21278, or fax material to (410) 783-2517. Photographs of promoted or award-winning employees are welcome but cannot be returned.* Gilligan Development Inc. recently received the E7 Energy Conservation Award from the Suburban Maryland Building Industry Association for its compliance with the group's basic energy requirements.
BUSINESS
July 17, 2005
Q: An 87-year-old owner of a $72 ground rent on property in Baltimore writes that she has received "much mail" about the ground rent from the city's Real Estate Department during "the last year or so." She complains that she has "not collected any ground rent or been paid for my ground rent" and asks me to review some of the papers the city sent her and advise if the city's actions are legal. A: The reason you haven't been receiving ground rent is that the city acquired title and possession to your property months ago by a court proceeding.
BUSINESS
By JONATHAN A. AZREAL | October 2, 2005
A few years ago, a relative left a property to her two siblings, half each, so both names are on the deed. Now, one wants to sell the property, but the other does not want to sell. So, the one who wants to sell has asked the other to buy him out. If the one who wants to keep it does not have the money or otherwise refuses to buy, does the one who wants to sell have any recourse? If the co-owners cannot agree, either can go to court and force a sale of the entire property. The legal action is called a partition suit.
BUSINESS
July 17, 2005
Q: An 87-year-old owner of a $72 ground rent on property in Baltimore writes that she has received "much mail" about the ground rent from the city's Real Estate Department during "the last year or so." She complains that she has "not collected any ground rent or been paid for my ground rent" and asks me to review some of the papers the city sent her and advise if the city's actions are legal. A: The reason you haven't been receiving ground rent is that the city acquired title and possession to your property months ago by a court proceeding.
NEWS
By Jacques Kelly and Jacques Kelly,SUN STAFF | June 28, 2005
Wallace H. Campbell, a retired real estate property manager who leased shopping centers and oversaw apartment buildings, died of cancer Sunday at Gilchrist Center for Hospice Care. The Ruxton resident was 93. Born in Baltimore and raised on Arunah Avenue, he graduated in 1930 from City College, where he was on the swimming team and set several aquatic records. He worked as a bank runner for the old Baltimore Trust Co., delivering checks to other financial institutions, before earning a degree in business administration from the former Baltimore College of Commerce in 1937.
BUSINESS
February 15, 2004
Dear Mr. Azrael: Recently, my mother passed away and I am the executor of her will. There are two ground rents that she owned. How do I turn them over to other family members? Can I do this myself or do I have to have a lawyer to process the papers? How much would this cost, as the properties are very old? Dear reader: Under Maryland probate law, there is a specific process that must be followed to transfer real property of a decedent to the persons who are legally entitled to receive the property.
BUSINESS
April 1, 2001
Dear Mr. Azrael, What are the steps in adding a name to a deed on a home? I know an elderly lady, recently disabled, who wants to add one to her deed. Robert Scherer Baltimore Dear Mr. Scherer, When elderly people add another person's name to a property deed, it's usually because they want that person to own the property when the older person dies. There are several ways to add another person's name to a deed. Each method has different legal consequences, so it's important to do it correctly.
NEWS
March 24, 2001
THIS YEAR'S inventory of tax-delinquent real estate in Baltimore City is mind-boggling. It takes 144 tabloid pages to list the more than 38,000 properties that will be sold at auction May 14 through 17. Some of those are highly desirable buildings and lots. Speculators fight to bid on them. The reason: Successful bidders can reap an easy 18 percent profit when lax owners finally get around to redeeming the liens. For example, speculators know full well that John D. Hubble, the city's real estate officer, will cough up the $2,754 -- plus interest -- he owes on two of his Maryland Avenue properties.
NEWS
By Melissa Harris and Melissa Harris,SUN REPORTER | March 14, 2007
When Philadelphia-based Resources America Inc. sold the 30-story Alex. Brown Building in downtown Baltimore to a Miami firm last year, they structured the deal in a way that saved them an estimated $2.4 million in city and state transfer and recordation taxes. In 2002, the Rouse Co. used the same legal method to sell 11 shopping centers in Columbia to a New York company, depriving Howard County and Maryland of an estimated $2 million in tax revenues. Most big-ticket developers don't exchange real estate in the same way that homeowners do. Instead of buying property, they acquire ownership of a limited-liability company whose only major asset is property.
BUSINESS
By Adele Evans and Adele Evans,SPECIAL TO THE SUN | February 18, 1996
Attorney H. Mark Bobotek can tell more horror stories than H. P. Lovecraft -- when it comes to estate planning, that is.Take one Frederick County couple he's advising. The wife's mother put her house in the wife's name, thinking she'd bebetter assured of Medicaid benefits. Later, the couple bought a restaurant in Ocean City. It failed and they wound up owing $50,000."Guess where the money comes from? The mother's house," Mr. Bobotek said. "But Mom still lives in it. Mom will be evicted to pay the creditors.
NEWS
April 12, 2000
A BETTER WAY to compute residential property taxes is only a signature away. A bill passed by both houses of the legislature finally will bring truth in taxation if the Gov. Parris N. Glendening signs the measure, as he has indicated he will. For much of this century, Maryland taxpayers have been assessed taxes on percentages of the value of their homes -- 46 percent, 50 percent, 60 percent. The current standard is 40 percent. These fractional assessments were feel-good changes that sought to relieve inflationary fears over the last century.
BUSINESS
September 26, 1999
Dear Mr. Azrael:I want to know if a child can own a home?William Larkey Glen BurnieDear Mr. Larkey:A minor child legally can own a house, but, in my opinion, it is a bad idea. A child under the age of 18 is a minor and lacks legal capacity to sell, mortgage or convey his or her interest in real estate.To sell, mortgage or convey real property owned by a minor, an adult guardian would have to be appointed by a court to act for and on behalf of the child. This is a time-consuming and relatively expensive process.
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