The District of Columbia Settlement Statement (also known as the HUD-1 or HUD-1A) is a form prepared by a lender or closing agent that itemizes all fees and costs associated with a real estate transaction. It is used to provide a comprehensive breakdown of a borrower's closing costs and to document the transfer of title of the property. The form is typically prepared at the end of the closing process and is required by the District of Columbia when closing a real estate transaction. There are two versions of the form: the HUD-1 for real estate transactions with a loan, and the HUD-1A for real estate transactions without a loan. Both forms include information such as the borrower's name, loan information, settlement costs, and escrow account information. The HUD-1 and HUD-1A can be found on the U.S. Department of Housing and Urban Development (HUD) website.
District of Columbia Settlement Statement
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FAQ
The amount of tax due is determined by dividing the assessed value of the property by $100, and then multiplying that amount by the applicable tax rate for the property, as stated in the below chart. For example, your residential property is under the Class 1 tax rate, which is $0.85.
Deed Recordation DC Code Citation: Title 42, Chapter 11. 1.45% of consideration or fair market value on the entire amount, if transfer is $400,000 or greater.
Who Pays Transfer Taxes in Washington, D.C.: the Buyer or the Seller? In Washington, D.C., the tax is split between the buyer and the seller. The seller pays the recordation tax, and the buyer pays the transfer tax.
What is the DC First-Time Homebuyer Recordation Tax Reduction? The DC first-time homebuyer recordation tax is generally reduced to 0.725% from the customary 1.1% or 1.4%.
1.1 % of consideration or fair market value for residential property transfers less than $400,000 and 1.45% of consideration or fair market value on the entire amount, if transfer is greater than $400,000.
