News

ROD Update: First-Time Homebuyer Application

You may be aware that the DC Council recently passed the First Time Homebuyer Tax Benefit Amendment Act of 2015. The Office of Tax and Revenue is interpreting the legislation to require the collection of documentation by title agents and auditing. To prepare for the October 1 implementation date, the Recorder of Deeds has announced a new form, available at https://otr.cfo.dc.gov/node/1272871.

As part of our ongoing advocacy on behalf of our membership, our lobbyist, Roy Kaufmann, has been working with the DC Council, ROD, and OTR to develop and introduce emergency legislation to reduce the paperwork, simplify the application, reduce the industry’s involvement, eliminate the audit at time of recordation, and to classify any later-found deficiency as in personam against the buyer.