Profile picture for angel223

what do they mean by planning to close on a home by june 30, 2010 ? My girlfriend has a sales agreem

my girlfriend has a sales agreemenet signed by march 30, 2010 Is this considereding  closing on a house ? Is that a binding contract sighned before May 1 , 2010
  • April 07 2010 - McAllen
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (4)

Profile picture for stennison
Ok, lets get simple.

You have a signed piece of paper.  If that paper and the escrow check have made it to the title company, then you have an executed contract.  You have met the first part of the test.  You have an executed contract before April 30.

Now the second part of the test.  The house has to close and be funded my June 30.  What this means is that all issues with the title are cleared and you have been completely approved for the loan and the appraisal is approved.

Hopefully you have an agent helping you with this.  They should have been able to help you with these questions.

If you have any other questions, feel free to contact me directly.

Steve
  • April 07 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for The LaPeer Team
You may want to read over the criteria on the IRS website FAQ's.
  • April 07 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

It sounds like you're in compliance.  You do indeed need to have an executed contract by April 30 and then take time to get to closing where you sign the paperwork and where you will get the keys by June 30th to qualify for the tax credit.

Your Realtor should be walking you through every step and be able to answer your questions because he/she will know more about your situation.  

Naima
  • April 07 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
Closing is when money has officially changed hands (i.e. as buyer probably the day you get the keys in hand).  The contract must be signed and agreed to on or before April 30.

  • April 07 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.