Here's Information on Qualifying
While we are all pleased with the DC City Council’s decision to provide some relief for first-time homebuyers, this enactment is not without its complications and nuances. Qualifying is not as simple as Maryland’s first-time homebuyer exemption; whereby, each homebuyer must simply be a first-time homebuyer of a principal residence to qualify. No, this enactment also imposes a few additional hurdles, including purchase price limitations and limits on household income.
In general, the recordation tax will be reduced to .725% if:
- Each grantee (i.e., homebuyer taking title) has never owned a principal residence in the District.
- The property is improved residential property and qualifies for the DC Homestead Deduction. Note: Be careful here. Qualifying for the DC Homestead Deduction is not simply a statement provided by the homebuyer(s) that they will occupy the property as a principal residence – read more.
- The purchase price can't exceed $625,000.00. Note: This purchase price threshold may be subject to an annual adjustment.
- Total Household Income can't exceed defined thresholds - view here.
- As a further complication, since the enactment only applies to real property that qualifies for the homestead deduction, this means that the reduction would not apply to the value of unimproved lots (e.g., condo parking spaces or out-lots). For transactions involving unimproved lots, this may require sales contracts to specify an apportioned value (not simply total purchase price) for both the homestead deduction qualifying lot, as well as, the non-qualifying lot. In other words, the full recordation tax of either 1.1% or 1.4% would be assessed on the value of the lot that does not qualify for the homestead deduction. Stay tuned for our future communication on this little wrinkle.
Please View the Application Here
Super, a smarter home warranty system for a smarter home owner is reinventing the industry with their innovative-technological platform. This subscription based company applies technology to several areas of their offerings, from appointment scheduling to service provider monitoring, to improve the overall customer experience. Super works with the best of the best, and goes to great lengths to ensure their network of providers is stocked with 4 and 5 star rated companies. Since the home warranty industry is notorious for sending poor service providers, Super has provided a solution to a decade old problem that has driven the industry. Unlike other home warranty companies, Super vets out their vendors and also pays them a higher premium. In return, the provider fixes and or replaces covered appliances, with professionalism, in a timely fashion, providing a better customer experience. Additionally, Super offers their customers a wide-variety of benefits that differentiate them from other home warranties which include:
- Filing an online claim for maintenance or repair from your mobile, tablet, or computer.
- Payment transactions are managed online so processing of payments with Super and the service provider is effortless.
- Their online database records all services for the home, so should you decide to sell, you can show home improvement efforts collected in one record, to share with a potential buyer.
- Super manages the scheduling of all appointments with you and the service provider so there is zero hassle with coordination.
- Customers can track the service provider’s estimated time of arrival on Super’s website portal via google maps – they’ll also call 30 minutes ahead of the appointment to ensure you don’t miss each other.
- Super offers a concierge service that can help with other home maintenance services such as window cleaning, carpet cleaning, and or pool maintenance, to name a few.
- Super has a Service Rewards TM referral program that earns subscribers $100 in rewards for each family member and or friend that signs up with Super. Service Rewards™ can be applied to the concierge cost of any service coordinated by Super, that isn’t already covered as part of their subscription plan.
Super is essential for: home buyers, sellers, landlords, or even investors because they make it easier for the customer when appliances break within the home. This home warranty coverage allows for the customer to enjoy the true value of a fully-serviced, professional, and user-friendly home warranty system that fits ANY size budget, with their 3 different plan options. So why not let Super be the Superintendent of your home today. Receive a 10 percent discount with the code FEDERALTITLE when purchasing a subscription now.
Join us for an important luncheon to discuss security within the real estate industry.
Topics to include:
- Cybersecurity/Wire Fraud - Protect Your Clients
- Personal Security - Protect Your Self When Showing Homes
- Home Security - Protect Your Home With a Warranty
Expert speakers from the Metropolitan Police department's cybercrime and security unit, as well as Super Home warranty.
When: Monday, October 2, 2017
Where: Maggiano’s Little Italy, Washington, D.C.
Time: 12:00 p.m. - 2:30 p.m.
Thank you to our sponsors!
Looking for a condo in Capitol Hill with all the bells and whistles? Well look no further because this is a upscale, customized penthouse, with 360 degree panoramic views that listed off of K Street for $974,900. This contemporary pad has 2 large bedrooms and 2 spa-like bathrooms spanning over 1,100 square feet. It’s full of light and has jaw dropping features for a buyer who is looking to wow their guests. It also comes fully furnished for an additional fee for someone who is on the move and has little time to decorate.
Assuming a homebuyer puts down 5 percent on a conventional loan, their cash to close would be $74,721 and monthly mortgage payments would be approximately $4,012. For a more accurate picture of what the cash-to-close figures would be for you, including the seller’s net proceeds and such, visit the CLOSE IT! web version calculator here or download the CLOSE IT! iOS app to your smart phone or tablet.
Don't forget to tell your agent that you want to close with Federal Title & Escrow Company because home buyers save up to $750 by ordering closing services online. View further here about ways to save at closing.
A brand new modernized condo in Washington, D.C., hit the market recently for $620,000. This 2 bedroom, 2 bathroom unit spans over 1,100 square feet is full of charm and sunshine with an open floor plan, leading to a gourmet kitchen that overlooks the living room area. The 2 bedrooms are spacious and both include luxury, hotel-like bathrooms with marble finishes. The unit has hardwood floors and recess lighting for a cozy feeling throughout this 2017 property. The condo is located 3 blocks from the Petworth metro stop, so travel to and from work is easy and convenient.
Assuming a buyer puts down 5 percent on a conventional loan, their cash to close would be $48,538 and monthly mortgage payments would be approximately $2,536. For a more accurate picture of what the cash-to-close figures would be for you, including the seller’s net proceeds and such, visit the CLOSE IT! web version calculator here or download the CLOSE IT! iOS app to your smart phone or tablet.
Don't forget to tell your agent that you want to close with Federal Title & Escrow Company because home buyers save up to $750 by ordering closing services online. Read further here about ways to save at closing.