Extension for Homebuyer Tax Credit Closings

Both the House and the Senate passed an extension of the closing deadline in order to qualify for the Homebuyer Tax Credit. The extension applies only to transactions that have fully executed contracts in place as of April 30, 2010, that have not yet closed. The new closing deadline for eligible transactions is now September 30, 2010, and the legislation is designed to create a seamless extension.  There will be no gap between the original June 30th deadline and the date the President signs the bill into law. Extending the tax credit closing deadline will hopefully help provide some stability to the national real estate market.  President Obama will be receiving the bill for his signature today.