Posted by & filed under For REALTORS.

Recently DCAR hosted Leon Lewis from DCRA and the DC Real Estate Commission for an in-depth discussion (Video) about several topics pertaining to licensing regulations along with education and ethics standards, which the Commission oversees for over 12,000 licensees in the District. The afternoon “lunch & learn” was a great opportunity for our members to catch up on what’s happening at the Real Estate Commission, and pick Leon’s brain for valuable information.

Lewis provided a great atmosphere for a casual, yet informative discussion about licensing and CE courses, and even provided a few nuggets of fun trivia. For instance, did you know Frederick Douglass was the District’s first Recorder of Deeds? You can use that fact to become the most interesting person in the room at your next happy hour. In brief, the group discussed the Commission’s relationship with ARELLO, the Real Estate Guaranty Fund and Online courses for pre-licensing, CE and Core curriculum. We would like to thank Mr. Lewis for sharing his expertise while also answering the many questions our members sent to them.

DCAR’s monthly speaker series connects DC REALTORS® to the top officials in the City. To learn more about DCAR events and issues, subscribe to our newsletter at: http://bit.ly/DCAR_Newsletter. You may also follow DCAR on the web at: About.me/dcarealtors.

Posted by & filed under TOPA Stories.

A single-family home was split into two smaller properties awhile back. A couple was interested in buying both properties and restoring it as a single-family unit. When they put in their bid, one of the properties was vacant, and a single tenant resided in the other.

The seller attempted to evict the tenant, who had stopped paying rent, via Landlord and Tenant Court, to no avail. After months of the tenant living in the unit rent-free, the property was finally foreclosed on. The tenants were renting a house at the time, and it took them nearly two years to close on the property.

#FixTOPA

Posted by & filed under TOPA Stories.

A man was renting the basement of a home. The owner agreed to a contract to sell the home, and the contract allowed the tenant to continue renting the basement at the previously agreed-upon rate of $1,600 per month. The tenant refused to accept the deal and threatened to drag out the sale for as long as possible, before he was finally persuaded to sign off on it — for the price of $30,000. He stayed on as a basement tenant, and he was able to extort the homeowner for the cost of more than 18 months of rent.

#FixTOPA

Posted by & filed under TOPA Stories.

A woman was looking to purchase her first home, and she wanted to buy in the District. However, she travels frequently and planned to rent her home out while she was out of town.

A friend informed the woman about TOPA, and after some research, she promptly changed her mind and purchased a home in Arlington.

#FixTOPA

Posted by & filed under TOPA Stories.

A man bought a condo in Brentwood many years ago. He later moved out of the city, but he wanted to keep the condo by renting it out. Years later, he wants to sell the condo, and he contacted a REALTOR® to help him with the process.

The REALTOR® was unable to get into the condo because the tenant would not respond. The REALTOR® eventually went to the condo with the property manager, after the property manager had given the requisite 24-hour notice, only to find the condo an absolute disaster.

The tenant then claimed he wanted to buy the condo, though he had not proven financially capable of doing so. The condo owner needs the money from the sale, but he cannot sell it until the TOPA deadlines have come and gone, and by the time that happens, the market might be in worse shape, costing him a great deal of money.

#FixTOPA

Posted by & filed under TOPA Stories.

A woman was renting an apartment in DC. She was interested in purchasing a one-bedroom condo, with parking, in that same building, and one came on the market. She put in an offer for several thousand dollars more than the asking price, and the owner, who was out of the country, accepted it immediately.

On the 30th day after ratification, the listing agent informed the woman that the tenants — a pair of attorneys — had made a low-ball offer on the condo. The woman tried to wait it out, as she knew the tenants were actually interested in a house, not a condo. The tenants took the full 60-day negotiating period but never came to a meeting with the owner, then they took the full 15-day period to match the offer, which they did not. They were then given 90 days to bow out of the transaction for good, and after holding out for 88 of those days, they finally bowed out.

Nearly 200 days after ratifying a contract, the woman was finally able to settle on her new home.

#FixTOPA

Posted by & filed under TOPA Stories.

A man, who was the executor of the estate on a home, was attempting to sell the home he had been left in charge of. He had allowed his daughter to stay in the home on occasion after the owner had passed away. No lease was ever signed, and there wasn’t even furniture in the home, yet the executor was forced to give TOPA notice and wait out the timeframes. The buyer of the home was disadvantaged, as they had to move out of their place of residence before the TOPA timeline had run through.

#FixTOPA

Posted by & filed under TOPA Stories.

A couple is currently renting out their one-bedroom loft out while they’re out of the city. They want to purchase a new home for their growing family, but they cannot finance the new house until they sell their condo in DC. However, the tenant is refusing to leave the condo, which is allowed under the current TOPA law, leaving the couple stranded. The couple has offered to pay for the tenant’s move to a new, identical condo in the same community, but the tenant won’t leave.

#FixTOPA

Posted by & filed under TOPA Stories.

A family was under contract to purchase a home in Brookland on a short sale. The short sale was approved and the tenant moved out of the house, but she refused to assign her TOPA rights without compensation. The sellers couldn’t pay, and the buyers were already maxed out on their purchasing budget, leaving the tenant with total control. The deal ended up voiding, creating problems for both the prospective buyers and sellers.

#FixTOPA