The District of Columbia Subsequent Transfer Agreement (DATA) is a legal document that outlines the conditions and terms of transferring ownership of real property in the District of Columbia. This agreement is crucial for individuals and entities involved in real estate transactions, as it ensures a smooth and legally compliant transfer of property rights. The DATA serves as a binding contract between the current property owner (transferor) and the buyer or recipient (transferee). It stipulates the rights and responsibilities of both parties during and after the transfer process, protecting their interests in the transaction. Key provisions covered in a District of Columbia Subsequent Transfer Agreement may include: 1. Identification of the Parties: The agreement clearly identifies the transferor and transferee, stating their legal names, addresses, and contact information. 2. Property Description: The DATA provides an accurate and detailed description of the property being transferred, including its address, legal description, and any relevant unique identifiers like tax map or parcel numbers. 3. Purchase Price and Consideration: This section specifies the agreed-upon purchase price and outlines the terms of payment, including any down payments, financing, or conditions related to the consideration exchanged. 4. Title Representations and Warranties: The transferor represents that they have clear and marketable title to the property, without any liens, encumbrances, or adverse claims. This provision assures the transferee that the property will be transferred free from any legal issues affecting ownership. 5. Closing and Delivery: The agreement specifies the closing date and location, as well as the procedures for the delivery of the deed, associated documents, and any necessary adjustments to the purchase price. Besides the general District of Columbia Subsequent Transfer Agreement, it's worth mentioning two different types of DATA that are commonly encountered: 1. Residential Subsequent Transfer Agreement: This is a specialized version of the agreement designed specifically for the transfer of residential properties, such as houses, apartments, or condominium units. It may include additional provisions related to the condition of the property, inspections, disclosures, and potential contingencies based on appraisal or financing. 2. Commercial Subsequent Transfer Agreement: This variation of the DATA caters to the transfer of commercial properties, including office buildings, retail spaces, or industrial facilities. In addition to the standard provisions found in the general agreement, it may address factors such as zoning restrictions, lease agreements with existing tenants, financial statements, and environmental considerations. In summary, the District of Columbia Subsequent Transfer Agreement plays a crucial role in facilitating the transfer of property ownership in the District of Columbia. Whether it is a residential or commercial property, this legally binding document assures both the transferor and transferee that the transaction will be conducted smoothly, safeguarding their rights and minimizing any potential disputes that could arise during or after the transfer.
District of Columbia Subsequent Transfer Agreement
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How to fill out District Of Columbia Subsequent Transfer Agreement?
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In general, a tenant's rent should not go up by more than 8.9% this year, unless the housing provider has special approval. If a tenant is 62 or older or has a disability, the rent should not go up by more than 5%, unless the housing provider has special approval.
The District Opportunity to Purchase Act (DOPA) promotes affordable rental housing by maintaining the affordable status of existing affordable rental units as well as increasing the total number of affordable rental units within the District.
Authorized fees for the payment of rent beyond 5 days after the rent payment is due. "(a) Pursuant to subsection (b) of this section, a housing provider may charge a late fee of no more than 5% of the full amount of rent due by a tenant.
Allowable Rent Increases Based on CPI-W For most tenants, the most that their rent can increase is the CPI-W percentage plus 2%, but not more than 10%. For tenants who are elderly or disabled, the maximum increase in rent charged is the CPI percentage only, but not more than 5%.
In both DC and Virginia, the 'proponent of an oral contract has the burden of proving all the elements of a valid and enforceable contract'. Both jurisdictions will enforce an oral contract so long as it does not violate the statute of frauds and the essential elements of a contract are satisfied. In review: contract formation in USA (Washington) - Lexology lexology.com ? library ? detail lexology.com ? library ? detail
(a) Before an owner of a housing accommodation may sell the housing accommodation or issue a notice to vacate for purposes of demolition or discontinuance of housing use, the owner shall give the tenant an opportunity to purchase the housing accommodation at a price and terms that represent a bona fide offer of sale. § 42?3404.02. Tenant opportunity to purchase; ?sale? defined. | D.C. Law ... dccouncil.gov ? council ? code ? sections dccouncil.gov ? council ? code ? sections
What Should the DOPA Offer of Sale Include? following information: (1) monthly operating expenses; (2) utility consumption rates; (3) capital expenditures for the previous two years; and (4) a building floor plan. How Much Time Does the District Have to Decide to Purchase the Housing Accommodation? District Opportunity to Purchase Act dc.gov ? dhcd ? publication ? attachments dc.gov ? dhcd ? publication ? attachments
District law states that tenants in buildings up for sale must be offered the first opportunity to buy the building (DC Law 3-86, the ?Rental Housing Conversion and Sale Act of 1980,?under which falls the Tenant Opportunity to Purchase Act (TOPA))/ The District encourages tenants to exercise this right?it stabilizes ... Tenant Opportunity to Purchase Assistance | dhcd dc.gov ? service ? tenant-opportunity-purch... dc.gov ? service ? tenant-opportunity-purch...