Tax Credit Closing Deadline Extended

On July 2, President Obama signed into law the Homebuyer Assistance and Improvement Act (H.R. 5623).

According to NAR:

The extension applies only to transactions that have ratified contracts in place as of April 30, 2010, that have not yet closed. The legislation is designed to create a seamless extension; the new closing deadline for eligible transactions is now September 30, 2010. There will be no gap between June 30 and the date the President signs the bill into law.

NAR worked closely with Congressional leaders on both sides of the aisle to enact this important legislation. Extending the tax credit closing deadline will help provide additional stability to real estate markets across the nation.

Learn more at the REALTOR® Action Center.

Earlier NAR released estimates that up to 180,000 buyers nationwide (7,030 in Illinois) who previously met all the qualifications for the homebuyer tax credit would be unable to close due to the volume of transactions in the pipeline and other delays related to appraisal and short sale issues.