Can I still get a tax credit with seller financing?

By
Real Estate Agent with Windermere Real Estate/M2, LLC

Question:
Can a buyer  claim the first-time homebuyer tax credit if buyer purchases using seller financing?

Answer:
Yes. So  long as the buyer obtains the "benefits and burdens" of ownership of the property, then the buyer can claim the credit. This is true even if the seller retains legal title as seller would if the financing document used was a real estate contract instead of a note with deed of trust. Factors that indicate that a buyer has the "benefits and burdens" of ownership include:...

...The preceding is an opinion from Annie Fitzsimmons, the attorney who answers questions for the Washington Association of REALTORS® Legal Hotline. For additional questions or information,  please contact Jen at (206) 293-1005 or send me an email to jen@jenhudsonhomes.com.

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Thought this was interesting & want to continue reading? The rest of this article can be found at http://jenhudsonhomes.com/blog/archives/1001. If you would like to learn more about real estate in general, visit my website at www.jenhudsonhomes.com.

Jen Hudson
206-293-1005 cell
360-652-1200 office
jen@jenhudsonhomes.com
CCIM Candidate, CDPE, GRI, Realtor
Windermere Real Estate/M2, LLC
Want to learn more about real estate? Visit my website at www.jenhudsonhomes.com

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