taxes: Transfer taxes, real property taxes... Explained - 05/29/12 01:45 AM
"In this world nothing can be said to be certain, except death and taxes," Ben Franklin once famously said. Yet when it comes to taxes on real property – especially for first-time homebuyers – we find much uncertainty and confusion exists.
Homebuyers should expect to pay two main types of taxes on their homes, 1) transfer taxes are non-recurring and paid once at settlement and 2) real property taxes are recurring and paid semi-annually (when you pay depends on where you live).
Transfer Taxes Aside from the down payment, transfer taxes are often the single largest expense a homebuyer will pay at settlement. Transfer taxes … (2 comments)

taxes: Standard v. Enhanced Title Insurance: Real Estate Taxes - 11/29/11 05:57 AM
In my view, the most underrated insuring provision of the Enhanced Owner’s Title Insurance Policy relates to real estate tax assessments occurring after the transfer of ownership.
The Enhanced policy we offer through our underwriter First American states (as a covered risk): "A taxing authority assesses supplemental real estate taxes not previously assessed against the Land for any period before the Policy Date because of construction or a change of ownership or use that occurred before the Policy Date."
While the Standard (Limited) Owner’s Title Insurance Policy insures against a real property tax lien and/or assessment imposed by the taxing authority prior … (0 comments)

taxes: $5000 DC homebuyer tax credit renewed - 12/30/10 06:33 AM
Congress renewed the $5,000 DC homebuyer tax credit for another two years as part of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, the office of Congresswoman Eleanor Holmes Norton (D-DC) announced earlier this month.
The DC tax incentive will be retroactive for 2010 and continue through 2011.
"First-time homebuyers of a principal residence in the District, who meet income limitations and other eligibility guidelines may qualify for a one-time tax credit for up to $5,000 of the amount of the purchase price," Joe Gentile, vice president of Federal Title & Escrow Company, said.
To qualify as … (0 comments)

taxes: First-time homebuyer tax credit still on for military personnel - 06/04/10 07:58 AM
While the Federal Tax credit is a thing of the past for most of us, those serving overseas in the U.S. military, the foreign service and the intelligence community may still be able to claim the $8,000 credit.
"Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit," according to the Internal Revenue Service. That means qualifying homebuyers have until April 30, 2011 to enter into a sales contract. If the homebuyer meets that first criterion, he or she then has … (0 comments)

 
Todd Ewing (Federal Title & Escrow Company)

Todd Ewing

Washington, DC

More about me…

Federal Title & Escrow Company

Address: 5335 Wisconsin Ave, NW , Suite 700, Washington, DC, 20015

Office: (202) 362-1500

Fax: (202) 362-5901

Email Me

We re-post our articles here that pertain to real estate pros. Find the original articles on the Federal Title & Escrow Company blog.

If you would like to sign up for our monthly newsletter, please subscribe.



Links

Archives

RSS 2.0 Feed for this blog