Key Takeaways FIRPTA (Foreign Investment in Real Property Tax Act) requires buyers purchasing from foreign sellers to withhold 15% of the gross sales price and remit it to the IRS. The withholding requirement applies regardless of whether the buyer is foreign — the buyer (or their agent/title company) is the withholding agent and bears the […]
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Key Takeaways Tenancy in common (TIC) is a co-ownership arrangement where each party holds a distinct, divisible share of a property — shares can be unequal and are freely transferable. Unlike joint tenancy, TIC has no right of survivorship — each owner’s share passes through their estate when they die, not automatically to the surviving
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Key Takeaways A cloud on title is any defect — lien, clerical error, unknown heir, encroachment, ownership dispute, or fraud — that prevents the legal transfer of a property. Most clouds are caught during the title search the title company runs before closing. Many can be cleared quickly: pay off liens, file corrective documents, use
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Key Takeaways There are 12 types of real-estate deeds; the seven most common are quitclaim, deed of trust, warranty (general and special), grant, mortgage, bargain-and-sale, and special-purpose deeds. General warranty deeds offer the most buyer protection and are standard in most arms-length residential sales. Quitclaim deeds offer the least protection and are used between parties
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Key Takeaways An adjustable-rate mortgage (ARM) starts with a fixed interest rate for an initial period (3, 5, 7, or 10 years) and then adjusts periodically based on a benchmark index. After the fixed period, ARM rates are capped — typically 2% per adjustment and 5% over the loan’s lifetime — but can still increase
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Key Takeaways A VA Renovation Loan (also called a VA Rehab Loan) lets eligible veterans finance both the purchase and renovation costs in a single mortgage. Renovation costs are capped at the “reasonable value” of the improved property as determined by the VA appraiser — not just the purchase price. The property must meet VA
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Key Takeaways While home-buying superstitions are cultural traditions, the financial and legal steps of due diligence — title search, inspection, survey — are what actually protect your investment. Superstitions about direction, numerology, and thresholds vary widely across cultures; real estate agents serving diverse DMV markets benefit from cultural awareness. The one ‘superstition’ backed by data:
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Key Takeaways The VA offers several loan types: purchase loans, Interest Rate Reduction Refinance Loans (IRRRLs), cash-out refinance loans, and VA renovation loans. VA loans require no down payment and no PMI, but do charge a funding fee (waived for veterans with service-connected disabilities). The IRRRL (VA streamline refinance) allows veterans to refinance to a
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Key Takeaways A special warranty deed only guarantees clean title for the time the current seller owned the property — not for the property’s entire history. Common uses: foreclosed (REO) properties, short sales, commercial real estate, transfers into trusts or LLCs, and estate sales. Buyers get less protection than with a general warranty deed, so
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Key Takeaways An accessory dwelling unit (ADU) is a secondary housing unit on a single-family residential lot — attached (in-law suite, garage conversion) or detached (backyard cottage). ADU regulations vary dramatically by jurisdiction: Virginia has become more permissive in recent years; Montgomery County MD has strong ADU incentive programs; DC has specific zoning requirements. Adding
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