The Recorder of Deeds has reached out to DCLTA to get our members input on the proposed revisions to the FP7 Form.
main revision will focus on Part J of the FP7 which deals with
consideration and its financing. The current form does not provide for
information on what portion of the loan is purchase money. So, the
intent is to have the filers separately show the purchase money amount
or other exempt amounts vs. the non-exempt amounts.
Please see the email below from Ida Williams, Recorder of Deeds, and provide your input by email. Thank you.
proposed revision aims at revamping Part J of the FP-7. Currently part
J provides fields for Cash, First Mortgage, Second Mortgage; Assumed.
There is Line 1 “Construction loan”; line 2 “Total Consideration”; line 3
“Assessed value if no consideration or nominal”.
Code section 42-1103 (b-1)(2) provides for recording requirements of a
purchase money deed of trust. One of the provisions is that a purchase
money DOT should recite on its face the amount of purchase money being
secured by the instrument. The industry and ROD practice so far has
been to overlook this requirement. Very rarely do purchase money DOT-s,
commercial and residential, conform with this legal requirement. The
current FP7 doesn’t provide for separate fields for the purchase money
to be inserted.
(2) A purchase money mortgage or purchase money deed of trust submitted to the Mayor for recordation shall:
(A) Be executed by the purchaser of the real property as part
of a series of transactions conveying title to real property to the
(B) Reference the deed conveying title to the purchaser of the real property by date and instrument number;
(C) Recite on the face of the document that it is a purchase money mortgage or purchase money deed of trust; and
(D) Recite on the face of the document the amount of purchase money that it secures.
effort at this point is to have part J of the FP-7 contain fields for
the purchase money amount and other exempt amounts in cases of
refinances, modifications or other partially exempt transactions. Below
is an idea in its very infant stages as to what Part J of FP7 should
contain. Suggestions and ideas are being sought to have a comprehensive
and easy to follow part J of FP-7.
Part J-Consideration and Financing
First Mortgage Purchase Money Amount _______ Non-Exempt Amount ______
Second Mortgage Purchase Money Amount _______ Non-Exempt Amount ______
Assumed Purchase Money Amount _______ Non-Exempt Amount ______
of All Non-Exempt
- (b) Financing NOT Related to Transfer of Title
Deed of Trust Exempt Amount
_______________ Non-Exempt Amount _______
Second Deed of Trust Exempt Amount _______________ Non-Exempt Amount _______
Exempt Amount _______________
Non-Exempt Amount _______
of all Non-Exempt
Line 1. Total Acquisition Consideration
Line 2. If no consideration use Assessed Value
Line 3. Total of all Non-Exempt DOTs (a and b)
Ida Williams, Esq.
Recorder of Deeds
Office of the Recorder of Deeds
Real Property Tax Administration
Office of Tax and Revenue
1101 4th St SW-5W
Washington D.C. 20024
Direct phone: (202) 442-8610