This form is for an option to purchase residential real estate - Residential home. It provides for the payment of option money, sales price, and all terms of the agreement.
District of Columbia Option For the Sale and Purchase of Real Estate - Residential Home
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How to fill out Option For The Sale And Purchase Of Real Estate - Residential Home?
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FAQ
Currently, the average cost of a house in Washington DC is $637,000. Home values have increased in the past year by 3.1% and they are predicted to go further up by 4.3% during 2021.
District law states that tenants in buildings up for sale must be offered the first opportunity to buy the building (DC Law 3-86, the Rental Housing Conversion and Sale Act of 1980,under which falls the Tenant Opportunity to Purchase Act (TOPA))/ The District encourages tenants to exercise this rightit stabilizes
In January 2020, the median sale price of homes in Washington, D.C., was $580,000, which is more than twice the nationwide median sale price of $245,000 for the same time period.
The DMV housing market has been on a hot streak. Here's what prospective homebuyers need to know.
The Tenant Opportunity to Purchase Act, or TOPA, affords tenants unique rights in the District of Columbia. Familiarize yourself with them whether you're a buyer or seller. The home owner and landlord must comply with all TOPA laws and provide tenants with appropriate disclosures when applicable.
What is it? The Tenant Opportunity to Purchase Act (TOPA) requires that owners notify tenants before they sell. They also need to notify every single one of the Qualified Organizations, which are nonprofit housing developers, community land trust, or housing cooperatives.
DC represents a fairly safe investment because it's the nation's capital - the government employs nearly a quarter of a million people here. This means there is consistent demand for homes in the area.
Here's How Much You Need to Save Each Day to Buy a Home in Washington, D.C. A typical home on the Washington, D.C. market costs a median $439,900. With an average down payment of 12.6 percent, or $55,427.40, first-time homebuyers need to save $30.35 each day for five years or $15.18 for 10 years.
The DMV housing market has been on a hot streak. Here's what prospective homebuyers need to know.