Upcoming workshop on recent changes to DC’s TOPA law

Upcoming workshop on recent changes to DC’s TOPA law

Did you know TOPA was amended as of July 3?

The DC Department of Housing and Community Development will hold a workshop in a couple weeks to provide an overview of the newly enacted Single-Family Home Exemption Amendment Act of 2018 (Bill 22-0315, Act 22-339).

The workshop will take place Wednesday, July 25 from 1 to 3 p.m. at One Judiciary Square, located at 441 4th Street NW, Old Council Chamber Room, Washington, DC 20002. The workshop is free but you must register to attend.

For those who cannot attend in person, the DHCD Facebook page will also broadcast the workshop live.

The workshop will cover a variety of topics including:

  • Types of single family properties that are exempt
  • Criteria that an elderly or disabled tenant must meet to still have a limited opportunity to purchase
  • Notice and documentation requirements

Close It! House of the Week: Sleek, modern penthouse in Adams Morgan

Close It! House of the Week: Sleek, modern penthouse in Adams Morgan

This week we’re heading over to a brand-new condo in Adams Morgan. This beautiful property boasts of a spacious 1600 square feet and a professional, state-of-the-art kitchen. It's listed for a cool $1.6 million.

This unit was built in 2018 which means that it is equipped with all the newest appliances out there. The 2.5 bathrooms that accompany this house are all up to date and the pride and glory of this house, the kitchen, comes with a gorgeous Viking stove, a commercial fridge, and marble countertops. Another outstanding feature is that both bedrooms have their own private terrace for the owner to use while enjoying the view of the surrounding area. This property is right in the thick of things with plenty of restaurants and hotspots nearby to visit.

Assuming a homebuyer puts down 20 percent on a conventional loan, her cash to close number will be approximately $359,471.02. Monthly payments will then be around $4,669.31 (HOA fees not included). For a complete picture of the cash to close, including the seller’s side of the transaction, try the Web version of Close It™ or download the free Close It™ iOS app.

DC First-Time Homebuyer Reduction Applies to Revocable Trusts

As of October 1, 2017, the District of Columbia passed a reduced recordation tax benefit to first-time homebuyers that reduces the Recordation Tax for eligible DC First Time Homebuyers.

In general, the recordation tax will be reduced to 0.725% if the homebuyer taking title has never owned a principal residence in the District and the purchase price does not exceed $625,000. For more details on the general eligibility requirements, click here.

What was unclear from the passage of the initial legislation was whether a purchaser taking title in the name of a trust was eligible for the discount.

Since then, the District issued a Notice of Final Rulemaking clarifying that a revocable trust is eligible for the discount.

This allows for consistency with the Homestead Deduction, since it is a condition of the Reduced Recordation Tax that the property must qualify for the homestead deduction, and the homestead deduction does allow for revocable trusts to apply.

Close It! House of the Week: Jaw-dropping views of the Capitol, spiral staircase feature

Close It! House of the Week: Jaw-dropping views of the Capitol, spiral staircase feature

This week, we’re headed on over to a spacious penthouse loft of 1,369 square feet. This beautiful property has 2 bedrooms and 2 bathrooms, and is fitted with gorgeous, modern amenities. Also included in this residential, garden-style loft unit, is an assigned parking space and, its most unique feature, its cascading spiral staircase. It's listed at $869,000.

This condo has a two stunning, upgraded bathroom and includes two industrial style bedrooms with exposed ducts on the ceiling. In addition, the unit has a gourmet kitchen with granite countertops, new stainless-steel appliances, and an electric stove. Hardwood floors flow throughout the condo until they reach the condo’s spectacular 200 square foot private terrace that overlooks the city. Also, nearby the condo is Meridian Hill Park, perfect for those who like spending time outdoors.

Assuming a homebuyer puts down 20 percent on a conventional loan, her cash to close number will be approximately $197,834.79. Monthly payments will then be around $3,905.84 (this does not include HOA fees). For a complete picture of the cash to close, including the seller’s side of the transaction, try the Web version of Close It™ download the free Close It™ iOS app.

Our blog contains general information only, not intended to be relied upon as, nor a substitute for, specific professional advice. Rate tables and figures that appear on our blog are deemed reliable but not guaranteed. For current rates & policies, refer to our Quick Quote and Consumer Guide. We accept no responsibility for loss occasioned to any purpose acting on or refraining from action as a result of any material on our blog.