TOPA Bill Passes - Brief Overview - April 2018

TOPA Bill Passes - Brief Overview - April 2018

In this video Deirdre P Brown gives a brief overview of the TOPA Bill that passed in April 2018.

TRANSCRIPT

Hello this is Deirdre Brown your settlement agent serving DC, Maryland and Virginia. Today I'm going to talk to you about the TOPA bill that was recently passed by the DC City Council.

It is called the TOPA Accessory Dwelling Unit Amendment Act of 2017. The bill was passed by the DC City Council in April 2018. But it is not law yet so that means from today going forward until it becomes a law nothing changes with TOPA.

To give you a preview of what's going to change. This bill will exempt single-family homes this includes single-family homes where the owner is living in the property. So if you have an owner living upstairs and they have an accessory unit, they have a garage , ac carriage house or basement where someone is renting. That property is actually going to be exempt from TOPA.

If the owner does not live in the property it is not exempt. TOPA still applies. However they have streamlined the process so there will be some shortened time frames for these types of properties.

In addition even if the property is owner occupied, if the tenant in the property, in the basement or in the accessory dwelling unit is elderly (that is defined as 62 years older) or disabled, TOPA still will apply.

Going forward from today until the bill becomes a law nothing about TOPA has changed. This bill most likely will go  into effect next October, October 2018, and at that time I will do a new video updating you on all the details.

As always if you have any title related or TOPA related  questions please reach out to me at info@closewithdee.com

Survey Issues and Title Insurance

Survey Issues and Title Insurance

Who is responsible for confirming the EMD Deposit?

Who is responsible for confirming the EMD Deposit?