Congress passes extension of the Homebuyer Tax Credit closing deadline

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Well, now it’s official.  Last night, on the eve of the deadline, Congress passed the extension of the Homebuyer Tax Credit closing deadline. The bill is now awaiting signature by President Obama. It’s important to note that the extension applies ONLY to transactions that had ratified contracts in place as of April 30, 2010 and have not yet closed.  This legislation is designed to create a seamless extension with the new closing deadline for eligible transactions now being September 30, 2010.  There will be no gap between June 30th and the date the President signs the bill into law.

The National Association of Realtors worked closely with Congressional leaders on both sides of the aisle to enact this legislation. They believe extending the Tax Credit Closing deadline will help provide additional stability to real estate markets across the Country. This extension will likely benefit thousands of homebuyers who, for whatever reasons, were unable to close by the initial deadline of June 30th.

If you have any questions, please check with your Sales Associates for the latest developments.