First-Time Buyers in DC are going to save some money!

Cullen P. Watson, Esq.

First-Time Buyers in DC in-line for reduced settlement costs:


As a result of recent legislation, the recordation tax rate payable on residential properties acquired by first-time District of Columbia homebuyers will be a reduced rate of 0.725%.  The rate reduction will apply to deeds recorded on or after October 1, 2017, and all grantees named in a deed must be a first-time District of Columbia homebuyer to qualify for the reduced tax rate.  In order to obtain the first-time homebuyer tax rate, an application for the reduced rate must be submitted with the deed at the time the deed is submitted for recordation.  The Recorder of Deeds has indicated that the application form will be form number ROD 11 which will be available on the forms section of the ROD website.


Note:  Some restrictions apply, but this will save most DC first-time buyers thousands of dollars in settlement costs.


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