D.C. Recorder of Deeds sets forth its position about roll-back of transfer and recordation taxes. Click here to view DC ROD Notification

Note: the dispositive date will be the date of recordation and not the date of the closing, date of the deed, etc. The ROD notification goes further to indicate that, if you delay recordation by 30 days, you will be subject to the tax that was in effect on the day the document was executed (note this increased penalty, possibly beyond statutory authority).

Title Companies/Agents called upon to delay recordation to take advantage of the lower rates, would be best reminded that, in addition to the foregoing penalty, late recording may be violative of lender's instruction, the Wet Settlement Act, agency agreements with underwriters, and would increase the period of "gap" explosure. Please feel free to circulate this newsletter to others in the industry, both within and outside your office. The contents of this Update are intended for general informational purposes only and should not be considered legal advise. Moreover, the mailing hereof is not intended to create nor does it constitute an attorney-client relationship.

Sincerely,

Roy L. Kaufmann of the Real Property and Asset Management Group
Jackson & Campbell P.C.