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Reply to "TOPA exemption for SFHs in DC - will this create more supply?"
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[quote=Anonymous][quote=Anonymous]Here’s a new wrinkle for you all to weigh in on. We have two family home (row house w legal basement), currently rented, planning to reclaim for personal use soon and move back in so we can sell TOPA-free in a year potentially. Can we cancel our two family license, or take some other step to become SFH, so we could take advantage of new law and sell sooner? Would we still have our two unit C of O, [b]which is handy for resale purposes?[/b][/quote] Is it? We recently purchased our rowhouse, which has an english basement apartment [b]without [/b] a C of O. My lender told me that if our house was 2 legit legal units, they would have required a minimum 20% downpayment (we had only 10%). So I think you may be eliminating a sizable segment of the population who don't have 20%.[/quote]
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