Real Estate Market: Tax Credit Closing Date & Flood Insurance Extended

 

Which is great news for the real estate market!

After a close brush with the deadline, Congress has passed an  extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension  applies only to transactions that have ratified contracts in place  as of April 30, 2010 and have not yet closed.  The legislation is
designed to create a seamless extension with the new closing deadline  September 30, 2010 for all eligible transactions.  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. Good news for all of us!

For additional information on the extension visit
www.realtor.org/government_affairs

Additionally, the United States Senate has passed the National Flood Insurance Program Extension Act of 2010  (H.R. 5569) an extension of
the National Flood Insurance Program until September 30, 2010.  This
will allow transactions to move forward.  The bill is retroactive
and covers the lapse period from June 1, 2010 to the date of
enactment of the extension. More good news!

For more information on the flood insurance program visit
www.realtor.org/government_affairs

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