Section 13-412 - Applicability to consideration payable for instrument of writing. - Maryland Statutes

§ 13-412. Applicability to consideration payable for instrument of writing.
 

(a)  In general; mortgages or deeds of trust.-  

(1) Except as provided in paragraph (2) of this subsection, a county transfer tax shall apply to the consideration payable for an instrument of writing. 

(2) If a county transfer tax applies to mortgages or deeds of trust, the county transfer tax shall apply to the consideration payable or the principal amount of the debt secured for an instrument of writing. 

(b)  Computation of consideration.- The consideration: 

(1) includes the amount of any mortgage or deed of trust assumed by the grantee; and 

(2) subject to item (1) of this subsection, includes only the amount paid or delivered in return for the sale of the property and does not include the amount of any debt forgiven or no longer secured by a mortgage or deed of trust on the property. 
 

[2010, chs. 589, 590.]