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Are you thinking about Buying a Home? Using the $8000 Tax Credit the timeline is approaching.
When Time is of the Essence, we know that is a legalese term that most Realtors® adhere to but do not use much. What does it mean? According to a legalese website... I found this as the meaning.
A phrase in a contract that means that performance by one party at or within the period specified in the contract is necessary to enable that party to require performance by the other party.
Failure to act within the time required constitutes a breach of the contract. The general rule is that time is not of the essence unless the contract expressly so provides. As a result, with respect to real estate transactions, the modern view is that time is not of the essence unless the parties have manifested such an intent. The same is generally true in construction contracts and in contracts relating to the manufacture of goods. When time is not of the essence, courts generally permit parties to perform their obligations within a reasonable time.
West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
So that pretty much sums up what I thought, it means in order to get what you want you must adhere to the TIMELINE set forth in the beginning. Now what does a blog post have to do with this term? Looking at it from the $8000 Tax Credit for First Time Homebuyers.. it means the time line is fast approaching when you will not benefit from this Tax Credit.
It is now August 1,2009. Yesterday I heard a lender say, we need at least 45 days to process and close a loan. That brings the date to September 15, 2009.. IF YOU WERE UNDER CONTRACT TODAY. So back that up a bit and say 3 weeks to find and decide on a home, and negotitate the contract. So now we are at mid October. Perfect if you are ready to buy now. IF you are thinking about buying, I would get it done.
The final date for closing and funding and transferring title of the new home to you is NOVEMBER 30, 2009.
Will the Government allow late closers to take the $8000 Tax Credit? I do not know. Right now I would tell you the current IRS website says the deal has to be done and over by November 30, 2009. I would not want to bet anyones $8000 on any other date.
If you need help with your Real Estate Goals here in Austin Texas, Buda, Dripping Springs or Kyle, call me and I can help you. Gail Tassey, Realtor®, 512-217-9482 or visit my web site to begin your search. http://austincomeshome.com
We serve all of San Antonio, including the cities of Alamo Heights, Terrell Hills, Shavano Park, Hollywood Park, Hill Country Village, Bulverde, Garden Ridge, Schertz, Cibolo, Converse, Universal City.
We serve ALL neighborhoods, including Stone Oak, Encino Park, Cibolo Canyons, Rogers Ranch, Sonoma Ranch, Steubing Ranch, Canyon Springs, Alamo Ranch, Champions, Stonewall Ranch, The Dominion, and more.
Sands Realty is a San Antonio-based independent residential real estate company committed to excellent service and exacting standards of honesty and integrity in conducting business.
We serve all areas of San Antonio, including Alamo Heights, Alamo Ranch, Boerne, Bulverde, Castle Hills, Champions, Cibolo, Converse, Deerfield, The Dominion, Encino Park, Fair Oaks Ranch, Garden Ridge, Helotes, Hill Country Village, Hollywood Park, Inwood, Leon Springs, Monte Vista, Northwest San Antonio, North Central San Antonio, Northwood, Olmos Park, Rogers Ranch, Schertz, Shavano Creek, Shavano Park, Sonterra, Stone Oak, Terrell Hills, Universal City, Ft. Sam Houston, and Randolph AFB. We proudly assist clients in every price range throughout the greater San Antonio metropolitan area as well as across the nation.
Through our real estate web site, www.shirleyparks.com, you have the ability to search virtually every home for sale in the San Antonio area.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.