This form is for an option to purchase residential real estate - Farm Land.
District of Columbia Option For the Sale and Purchase of Real Estate - Farm Land
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An individual may transfer property to one or more beneficiaries effective at the transferor's death by a transfer on death deed. (Mar. 19, 2013, D.C. Law 19-230, § 2(b), 59 DCR 13606.)
If you have an active real estate license in a state other than Washington, DC, you may be able to get a DC license by reciprocity or so-called endorsement application. Virginia and Maryland applicants can get a license by reciprocity. You will need to pass the DC portion of the PSI exam.
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. Note: For residential properties under $400,000, the rate is 1.1% of consideration or fair market value.
For transfers of property valued over $400,000 and up to $2 million, deed transfer (1.45%) and recordation (1.45%) taxes in Washington will continue to total 2.9% of the purchase price or fair market value of the property. Transfer and recordation taxes are customarily split equally between the buyer and seller.
Washington, D.C., formally the District of Columbia is also known as D.C. or Washington. It is the capital city of the United States of America, but did you know it is not owned by America? The district is not a part of any U.S. state. In 1846, Congress returned the land originally ceded by Virginia.
Public Lands in DC. Almost all under National Park Service jurisdiction. U.S. Reservations are lands acquired for use by the Federal Government after the original founding of the city.
The federal government owns 28.51 percent of Washington's total land, 12,173,814 acres out of 42,693,760 total acres. Washington ranked 12th in the nation in federal land ownership.
Weyerhaeuser Company, a timberland company, is the largest private landowner in Washington. Weyerhaeuser owns 12.4 million acres of land, with 900,000 in Washington.
About half the land in Washington is owned by the U.S. government, which pays no taxes on it. Several hundred thousand people in the D.C. metropolitan area work for the federal government.
Real estate development is a process that involves the purchase of raw land, rezoning, construction and renovation of buildings, and sale or lease of the finished product to end users. Developers earn a profit by adding value to the land (creating buildings or improvements, rezoning, etc.)