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and his wife Faith O’Malley.14 That deed provided in pertinent
part:
WITNESSETH, That in consideration of the sum of TWO
HUNDRED TWENTY FIVE THOUSAND DOLLARS and 00/100
($225,000.00), which includes the amount of any out-
standing Mortgage or Deed of Trust, if any, the receipt
whereof is hereby acknowledged, the said GRANTOR [peti-
tioners] does grant and convey to the said Edward P.
O’Malley and Faith M. O’Malley, husband and wife, as
tenants by the entirety their heirs, personal represen-
tatives and assigns, in fee simple, all that lot of
ground situate in Anne Arundel County, Maryland and
described as follows, that is to say [lot 12] * * *
On June 30, 2000, the June 14, 2000 deed was recorded in the land
records of Anne Arundel County.
On June 14, 2000, pursuant to the agreement between Edward
O’Malley and Mr. O’Malley, Edward O’Malley borrowed $180,000 from
F&M Bank ($180,000 F&M Bank 2000 loan). On the same date, Edward
O’Malley transferred to petitioners all but $8,475 of the
$180,000 F&M Bank 2000 loan, or $171,525.15
On June 14, 2000, pursuant to the agreement between Edward
O’Malley and Mr. O’Malley, Edward O’Malley executed a deed of
14Although Faith O’Malley was a party to the various agree-
ments into which Edward O’Malley entered relating to lot 12, her
role as such is not material to our resolution of the issues
presented. When discussing the June 14, 2000 transaction, we
shall for convenience refer only to Edward O’Malley, and not to
Faith O’Malley.
15As shown below in the settlement statement prepared with
respect to the events that took place on June 14, 2000, petition-
ers were responsible for settlement charges of $2,475 and costs
of $6,000, the total of which charges and costs reduced the
amount of the $180,000 F&M Bank 2000 loan proceeds that was
transferred to petitioners on that date.
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