Bulletin: DC2017003

Dear Associates:

The purpose of this Bulletin is to advise agents that the DC Council passed emergency legislation on October 3, 2017, modifying the District of Columbia’s First Time Homebuyer Recordation Tax Credit. The Recorder of Deeds has published a new First Time Homebuyer Application which can be found here https://otr.cfo.dc.gov/sites/default/files/dc/sites/otr/publication/attachments/ROD%2011.pdf. This application should now be used for all applicable settlements. 

Please note that although it was originally anticipated that only the first two pages of the federal tax return would need to be submitted, the Recorder of Deeds is requiring all pages of the federal tax return be submitted, including all schedules. Lastly, the emergency legislation specifically states that any recordation tax determined to be owed after the deed has been accepted for recordation will be a liability of the grantee(s) solely. It is anticipated that the new application will facilitate the recording process. If you are observing recording delays with transactions involving the First Time Homebuyer Application, please contact your underwriter. 

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.

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