How can i get out of a real estate deal and calculate net equity assuming no loss or no gain?
The property is currently owned by me & my business partner. I wanted to get out of this deal and have some significant equity in the property. In order for me to determine my true equity & also conform to State of MD rules and regulations, I had these questions that I am hoping someone can help me with
1) If I sign a QuitClaim Deed, will that be enough to remove my name and all interest in the property? (To avoid any tax and liability issues)
2) Will the state re-issue the deed to the other partner? Will it be done at any costs? If yes, how much (approx) will it cost to do so?
3) Is a title company required to do this or we can go and do this directly with the state?
4) How does one calculates true equity value in the property if I were to sign a Quitclaim deed? (Say i invested k. How do i calculate equity for a no gain or loss situation, keeping in mind that I did enjoy tax benefits last year)
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One comment
ogrendle on May 12, 2009 at 11:20 am
Laws vary by state. Contact a Real Estate Atty. in MD. I am a licensed agent in NH only
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