Washington, D.C. purchase | DC refinance

Title fees & insurance costs calculator | Today's D.C. interest rates


Washington, D.C. purchase:
Deed Transfer Tax= 1.1% of the sales/purchase price up to $400,000,
1.45% of the sales price over $400,000.  Seller typically pays.

Deed Recordation Tax= 1.1% of the sales/purchase price up to $400,000,
1.45% of the sales price over $400,000.  Buyer typically pays.

Recording Fees= approximately $290 total on purchases and $215 total on refinances.

 

- No transfer or recordation taxes charged for a refinance on owner occupied and investment residential properties provided that no construction financing is involved and property qualifies as "Class 1 or Class 2 property".  Also see refinance mistakes to avoid.

- Property taxes are collected on a semi-annual basis
View D.C. property taxes online

- All commercial transactions taxed at 1.45%

- Payment of the above transfer and recordation taxes are typically split between buyer and seller. Make sure you carefully examine your contract.

 


DC Tax Abatement Program
Total gross income per household limits:
1 person-  $53,760
2 persons- $61,440
3 persons- $69,120
4 persons- $76,800
5 persons- $82,920
6 persons- $89,100
7 persons- $95,220
8 persons- $101,400

Property must be owner occupied by a first time homebuyer AND be less than $326,760 sales price.  This program gives a five (5) year real estate tax abatement, and begins the October 1st after your closing date.  You also qualify for an exemption of the above 1.1% Recordation tax and an allowable credit from your seller of the 1.1% for the Transfer tax.

As proof, provide to settlement company BEFORE settlement:
- 2 most recent paystubs
- 2 most recent W-2's
- 2 most recent tax returns


 

Washington, D.C. real estate and title settlement attorney
Federal Title
5335 Wisconsin Ave NW, Suite 700
Washington, Dc 20015
202-362-1500
http://www.federaltitle.com/

Sentinal Title
5301 Wisconsin Ave. NW, Suite 100
Washington, D.C. 20015
202-237-8222


 

 

 


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