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District of Columbia Settlement Statement

District of Columbia Settlement Statement

Name: District of Columbia Settlement Statement
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.84 (233 reviews)

Category:

District of Columbia Statewide - General

State:

District of Columbia

Control #:

DC-SKU-0248

Format:

Instant download

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Description

Settlement Statement 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.

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.

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FAQ

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.

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%.

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.

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.

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.

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This form is furnished to give you a statement of actual settlement costs. A settlement statement is a document that summarizes all terms, conditions, fees, and disbursements required at the closing phase of a transaction.A settlement statement is an itemized list of fees and credits summarizing the finances of an entire real estate transaction. When you are in the process of closing, you will receive a settlement statement. They arrive three days before closing from your lender. A settlement statement provides a breakdown of all the closing costs and credits involved in a real estate transaction or refinance. Settlement statements are used for commercial transactions and cash closings. This document is completed when someone is going through the process of buying or refinancing property, such as a home. Line 120 - Gross Amount Due from Borrower - Total of what the Buyer owes, including all charges as carried over to line 103 from the 2nd page of the Settlement. A settlement statement includes fees and credits in an itemized list outlining the finances of an entire real estate transaction.

District of Columbia Settlement Statement

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FAQ

What is the property transfer tax in DC?

What is the recordation tax for first time buyers in DC?

Who pays the transfer and recordation tax in DC?

What is the mortgage recording tax in DC?

How is property tax calculated in DC?

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