The most common reason for a home to be sold to your spouse in Maryland is divorce. In some divorce cases one party will be ordered to buy the other out as this is seen as a good way to share out the assets. Some people are unsure whether selling a home to a spouse is something that can legally be done but the answer is that it can. There are other reasons to sell your Maryland home to your spouse but these can have legal implications. You may want to get the advice of an attorney before any sale is made, although this is something that you may already be doing if you are going through a divorce. However, there are a few other people that can offer you expert advice that you may want to talk to.
Consult Your Accountant
There may be tax implications to selling your home to your spouse so it always a good idea to have a chat with your accountant. In some cases selling your home could lead to a large tax bill and so it is better to find this information out before the sale goes through. Your Maryland accountant will also be able to tell you whether selling home is the best solution or there are other options that are open to you which make better financial sense. If one of you is planning to stay in the home after the divorce then it may make sense for the home to be sold to the person who is staying. However, if both of you are moving to new properties then it may be easier to sell the house completely and share any profit that has been made.
Consult A Realtor
A realtor will also be able to give you advice about the laws in your state which may affect a house sale to a spouse. If you have any questions that you forgot to ask your attorney, it might be easier to ask your realtor these than getting in touch with your attorney. In some states selling the house will depend on whose name is on the mortgage and the mortgage company can also have some say in this as well. From their point of view, if there are two names on the property title there are two people they can chase for any money that is owed. If the mortgage is in both names then the mortgage company is likely to insist that both names stay on the title and this is more likely to be the case if their has ever been arrears on the account.
Is There An Alternative Solution?
There may be an alternative solution to selling your home to a spouse. Transferring it into your partners name without any money changing hands is one such option. You should not be eligible to pay any state gift tax if this is the case because gifts that can be made to a spouse are unlimited. This will only work if both parties are US citizens and there may be other conditions that apply as well. A realtor may also be able to advise you about whether transferring the property or selling it will be the best option depending on your circumstances.
A realtor can be a useful first port of call for any questions that you have about selling your home to your spouse. They will have the same amount of knowledge as a real estate attorney to some degree and will able to advise you about the laws that apply in your state. They also may not charge for some advice over the phone or even face to face in the same way that an attorney would.