Industry News
Buyers seeking federal tax credit get more time to close
(DEMOCRAT AND CHRONICLE) - Qualified homebuyers who signed purchase contracts by April 30 hoping to take advantage of federal tax credits can breathe a sigh of relief if they couldn’t schedule a closing by June 30. President Barack Obama on Friday signed into law an extension of the closing deadline by three months to Sept. 30.
The extension means that just about everyone who qualifies for the tax credits will be able to receive them, said real estate lawyer John Marchioni of Marchioni & Associates in Brighton.
“There’s no chance that you will not get it if you qualify,” he said.
The credits are substantial — up to $8,000 for first-time buyers and $6,500 for repeat buyers — and boosted the real estate market in the Rochester area and across the nation during the winter and spring.
But the popularity of the program also created a problem: So many people rushed to sign a purchase contract by the April 30 deadline for that part of the process that there was a crush of buyers seeking to close on their deals by the second deadline of June 30.
Discussion
No comments for “Buyers seeking federal tax credit get more time to close”
Post a comment