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Answers (10)
- David & Judy Casmo, "The Casmo Team"
- Contributions:83
I wasn't suggesting that the only way that you could obtain the credit is through a realtor. The forms are obtained many different ways. A realtor would not be necessary, but they are able to assist. I was going from a for-sale-by-owner aspect. Just wanting to be sure that there docs were correct so they could get their credit. If they want an attorney to do this, then that is also correct. I should have included that information.
You do not need a realtor to get the right forms. And you are right, attorneys do draw up those contracts. Title company will process the closing and they will get their necessary closing documents to persue their tax credit refund.
It would only be less expensive to use an attorney if the seller isn't paying commissions to a broker. A buyer should have realtor representation for no fee.
You do not need a realtor to get the right forms. And you are right, attorneys do draw up those contracts. Title company will process the closing and they will get their necessary closing documents to persue their tax credit refund.
It would only be less expensive to use an attorney if the seller isn't paying commissions to a broker. A buyer should have realtor representation for no fee.
- wetdawgs
- Contributions:26833
Although one Realtor group has told you (several times) that you need a Realtor to get the right forms, they are incorrect. You do need a purchase contract executed by April 30 and closing on the property on or before June 30th. While a Realtor is one possibility of these forms, a real estate attorney would be much less expensive as you've identified the house and don't need the assistance of finding and evaluating properties.
- Michael Emery, "MikeEmery"
- Contributions:7298
Sunnyview is correct, you don't need a Realtor to execute the contract. However it's highly recommended that you at least have a Realtor or an attorney review the contract prior to all parties signing off.
A Realtor or attorney can also arrange for title to be done. But the essential part is having a signed contract in place by April 30th 2010 and close on the property by June 30th 2010. Don't wait until the last minute!
A Realtor or attorney can also arrange for title to be done. But the essential part is having a signed contract in place by April 30th 2010 and close on the property by June 30th 2010. Don't wait until the last minute!
- sunnyview
- Contributions:25139
Thank you for the best answer. I really appreciate it :)
- David & Judy Casmo, "The Casmo Team"
- Contributions:83
Form 5405 is correct. But you need to have assistance for the closing of your home. You will need an executed Purchase Contract through a professional from your local Board of Realtor in your area and a closing with a Title Company.
You will need your closing statement or what's called your HUD statement from the closing, with all parties signatures on it. Also, the tax return you just filed in 2009 will need to be copied and attached to form 5405 as well. You may then send it all out and expect to receive your amended return with in 6 to 12 weeks.
You will need your closing statement or what's called your HUD statement from the closing, with all parties signatures on it. Also, the tax return you just filed in 2009 will need to be copied and attached to form 5405 as well. You may then send it all out and expect to receive your amended return with in 6 to 12 weeks.
- sunnyview
- Contributions:25139
This person does not need a Realtor to claim the credit. All they need is an contract to purchase contract before 5/1/2010 and they need to close before 7/1/2010. The documentation for the credit is just a settlement statement available from the title company, the tax return and the 5405 form.
They also don't need a contract from their local "Board of Realtors". Attorneys draw up contracts all the time without the help or involvement of a Realtor. A title companies can handle the closing and title transfer.
Hiring a Realtor is choice, not a requirement to buy a house or claim the homebuyers credit.
They also don't need a contract from their local "Board of Realtors". Attorneys draw up contracts all the time without the help or involvement of a Realtor. A title companies can handle the closing and title transfer.
Hiring a Realtor is choice, not a requirement to buy a house or claim the homebuyers credit.
- David & Judy Casmo, "The Casmo Team"
- Contributions:83
Form 5405 is correct. But you need to have assistance for the closing of your home. You will need an executed Purchase Contract through a professional from your local Board of Realtors, in your area and a closing with a Title Company.
You will need your closing statement or what's called your HUD statement from the closing, with all parties signatures on it. In addition, the tax return you just filed in 2009 will need to be copied and attached to form 5405 as well. You may then send the package out to the IRS and expect to receive your amended return with in 6 to 12 weeks, yet this year.
You will need your closing statement or what's called your HUD statement from the closing, with all parties signatures on it. In addition, the tax return you just filed in 2009 will need to be copied and attached to form 5405 as well. You may then send the package out to the IRS and expect to receive your amended return with in 6 to 12 weeks, yet this year.
- David & Judy Casmo, "The Casmo Team"
- Contributions:83
The answer to this question is: You will need an executed "Purchase contract" form from your local Board of Realtors even if there is no agent involved. You will need to contact a local Title company to assist you in your closing which needs to take place on or before June 30, 2010. I would suggest much before since there are so many things that can pop up. If you have a realtor, they will know what to do. If you have no realtor, you may contact us for our assistance and we can get a realtor assigned to you very quickly.
There is an IRS form that needs to be filled out and accompanied by the documents from your closing of your new home and your 2009 tax return. If you have already filed your 2009 tax return and want to get the rebate check from the IRS yet this year, you need to copy your already filed return, your closing HUD statement from your closing which must show all signatures of all parties, and the form # 5405 from the IRS.
This form is labeled,
"First-Time Homebuyer Credit
and Repayment of the Credit" form
Hope this helps. Judy Casmo from "TheCasmoTeam" [link removed by moderator]
- Gary Cohen, "Gary Sells Money"
- Contributions:48
The best way to insure that you receive a timely rebate for the $8000 tax credit is to contact a qualified CPA who has been helping their clients get the proper paperwork in to the IRS. The form is comprehensive and any mistakes will delay your rebate. Contact your CPA or the IRS for more information.
Is there a HUD form that has to be filled out to get the $8000 tax credit?
What papers have to be filled out and signed by April 30th?
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