During a Special Session held May 14-16 of this year, the Maryland General Assembly passed the State and Local Revenue and Financing Act of 2012 (Senate Bill 1302), which limits application of the Maryland IDOT Exemption (Tax Property, §12-105) to Indemnity Deeds of Trust (referred to in the Bill as Indemnity Mortgages) securing less than $1,000,000.Read More
The Paley Rothman Blog
Paley Rothman shares this library of resources with clients and friends of the firm to help them stay ahead of legal and business developments and trends. Here, you will find helpful tips and tools written by our attorneys.
Act fast if you are a Virginia resident planning to refinance with your existing lender. An amendment to Section 58.1-803 of the Virginia Code, which takes effect July 1, 2012, will remove a Recordation Tax exemption that currently limits the application of Virginia’s Recordation Tax to the amount of new money borrowed in a refinance with an existing lender.Read More
Recordation and transfer taxes in Maryland are among the highest in the region, and can be prohibitively expensive to someone wanting to transfer real property - during life or at death, outright or in trust - as part of his or her estate planning. A new state law (effective July 1, 2011) that expands existing recordation and transfer tax exemptions should lower the transactional costs for many types of estate planning conveyances. It will also close a loophole that has recently been used by one Maryland county (and is under consideration by other counties in the state) to impose recordation and transfer taxes on certain transfers of real property from an estate.Read More
You and your significant other - boyfriend or girlfriend, perhaps your fiancée - decide to buy a house or condominium together. You figure it’s better to own than to rent and since the monthly mortgage payments will roughly equal the monthly rental payments, it seems like a good idea. Yet whether you know it or not, the two of you are about to enter into a very complex business arrangement and you had better plan and be prepared for the “what ifs” down the road.Read More
A Power of Attorney (“POA”) is a document by which you (the “Principal”) give some other person (your “Agent”) the authority to do various things on your behalf. A POA can be a helpful document to have. There are several types; some POAs become effective at a date subsequent to the date it is executed and others are effective only for a specified period of time and/or only for certain specific purposes.Read More
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