We are pleased to announce a second Federal Title office located at 1803 14th Street, NW is now open for business.
Our new location is two blocks south of U Street and three blocks north of Logan Circle in the heart of the burgeoning 14th Street Corridor.
Use our main phone number (202) 362-1500 to get in touch with that office or send your general inquiries to firstname.lastname@example.org. Be sure and bookmark our Contact Page to keep our information for both locations at the ready.
Stephanie Dudley will lead our team at our U Street / Logan Circle location as managing attorney. Stephanie has been with our company for about three years now. She received her Juris Doctor from The Catholic University of America in 2005 and has been working in the title industry as an attorney and settlement processor ever since.
Attorney Chris David and settlement coordinator Shantae Holland have made the move with Stephanie from headquarters in Friendship Heights to the new location.
Next time you're in the U Street or Logan Circle neighborhoods, look for our logo on a blue awning, and be sure to drop in and say hello. We look forward to serving you from a location that's even closer to the neighborhoods a growing number of homebuyers are calling home.
This week we're looking at a 4-bedroom, 4.5-bathroom attached row house in the Colonial style with a fully finished basement that can be used as an in-law suite or a rental to help offset the mortgage. It's near the Naval Observatory in Glover Park, and it's listed at $975,000.
This house features two massive decks, a fantastic kitchen with pantry and a beautiful exposed brick wall in the entry way. It includes two parking spaces, and there's a Whole Foods and Starbucks nearby.
Click here for more photos.
Assuming a homebuyer puts down 20 percent on a conventional loan, her cash to close number will be approximately $$223,117.96. Monthly payments will then be around $4,219.40 per month.
For a complete picture of the cash to close on any property in the D.C. metro area, including the seller's side of the transaction, try the Close It™ Web app or download the free Close It™ iOS app.
We’re venturing downtown this week for a glimpse at a 1-bedroom, 1-bathroom condo with floor-to-ceiling windows that offer amazing views from their perch on the 12th floor. It’s listed at $440,000.
This unbeatable location is in close proximity to the Chinatown, Union Station, Judiciary Square and Convention Center Metro stops. The building has garage parking. And the unit itself offers wood floors and granite countertops as well as an in-unit washer-dryer.
Assuming a homebuyer puts down 20 percent on a conventional loan, her cash to close number will be approximately $101,039.80. Monthly payments will then be around $2,354.13 per month, including the HOA fee. For a complete picture of the cash to close on any property in the D.C. metro area, including the seller's side of the transaction, try the Close It™ Web app or download the free Close It™ iOS app.
We're heading over to Barnaby Woods this week to take a look at a 4-bedroom, 3-bathroom detached home that offers a perfect blend of charm and modern-day convenience. The price was recently reduced, and the house is now listed at $995,000.
Built in 1927, the "Lilac House" has a private "treetop" master suite as well as a spacious yard and garden. The neighborhood is completely residential and abuts Rock Creek Park, offering residents an idyllic home life with the conveniences of living in the District.
Assuming a homebuyer puts down 20 percent on a conventional loan, her cash to close number will be approximately $225,873.72. Monthly payments will then be around $4,355.79 per month. For a complete picture of the cash to close on any property in the D.C. metro area, including the seller's side of the transaction, try the Close It™ Web app or download the free Close It™ iOS app.
Starting February 16, 2016, there will be changes to the Foreign Investment in Real Property Tax Act ("FIRPTA").
FIRPTA is a tax law passed in 1981 that requires foreign persons to pay U.S. income tax on the gains they make from selling U.S. real estate.
The duty is on the U.S. national buyer to deduct and withhold a portion of the sales price and report the sale to the IRS. Buyers can withhold less than the statutory amount if they obtain a determination of the specific amount of tax owed by the foreign national using IRS Form 8288-B.
In most cases, the settlement agent is the party that actually remits the funds to the IRS, but the buyer is held legally responsible. Additionally, until the tax is paid in full, the government obtains a security interest in the real property.
The 10% rate will still apply for those transactions in which the property is to be used by the Buyer as a residence, provided the sales price does not exceed $1,000,000, and the existing $300,000 “exemption” remains unaffected. So here are the new guidelines:
- If the sales price is $300,000 or less, AND the property will be used by the Buyer as a residence (as provided for in the current regulations), no sums need be withheld or remitted.
- If the sales price exceeds $300,000 but does not exceed $1,000,000, AND the property will be used by the Buyer as a residence, then the withholding rate is 10% on the full amount realized.
- If the sales price exceeds $1,000,000, then the withholding rate is 15% on the entire amount, regardless of use by the Transferee.
Under the law, the Buyer is the withholding agent and is responsible for withholding and remitting the proper amount to the IRS and could be liable for any additional withholding tax, penalty, and interest if their intent is ever challenged by the IRS.
The current FAR/BAR contract form contains language specifically referring to a 10% withholding. An amendment to the contract for closings scheduled on or after February 16, 2016 should be added to change the potential rate of withholding to 15%.