Part Two - DC Reduced Recordation Tax for First Time Homebuyers - Documentation 19 views
In this video Deirdre P Brown goes over the documentation needed to complete the application for the DC Reduced Recordation Tax for First Time Homebuyers. This is the second video. The first video was an overview of the program.
Hello this is Deirdre Brown your settlement agent for DC, Maryland and Virginia. Today we are going to talk about what documentation needs to be submitted with the application for the Reduced Recordation Tax For First-Time DC Home Buyers.
The buyer will need to complete the two-page application including. The buyer will need to bring it to settlement because your settlement agent is responsible for recording. Your settlement agents will also send a copy of the settlement statement. Two copies of the DC Homestead Deduction Application will need to attached as well.
We will need proof of income. If your buyer is a w-2 employee they will or 1099 employee they they will submit a copy of their most recent 1040 as well as a current pay stub showing that they fall within the income requirements. This is for anyone who will be on the deed. If you have two people on the deed only one person's taking out the loan we need income proof for both people on the deed okay. If your buyer is self-employed they'll need to submit a profit and loss statement that is notarized. If one of the buyers is unemployed they'll need to submit a notarized letter stating that they're unemployed. Once again, this is for anyone who's on the deed not just the person who's on the loan.
If you have questions please reach out to me at closewithdee.com