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Old 04-28-2010, 09:24 AM
 
Location: Boston area
74 posts, read 234,966 times
Reputation: 44

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I can't find the specific answer to this question. what does "under contract" mean to qualify for the tax credit? Does it just mean an accepted offer or does the complete P&S have to be signed? We're trying to figure out the likelihood of our house selling this week (we have one very interested party).
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Old 04-28-2010, 10:01 AM
 
Location: Tempe, Arizona
4,511 posts, read 10,625,815 times
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Well, you can't have an accepted offer until the complete P&S is signed which then puts you under contract. Verbal acceptance does not count. It will have to be fully signed by April 30th (this Friday).
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Old 04-28-2010, 12:53 PM
 
Location: Boston area
74 posts, read 234,966 times
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Isn't the offer "accepted" with the written offer signed by both parties? On our next house that was signed a week before the purchase & sale.
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Old 04-28-2010, 02:19 PM
 
Location: Boston area
74 posts, read 234,966 times
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Default Offer to Purchase binding in MA

I just realized that every state has different norms so I did more research. In MA the signed "offer to purchase" is considered a binding contract. This firm also recommends buyers have the P&S complete to make sure they get the tax credit, but there is a strong likelihood that the signed offer is acceptable.
Massachusetts Offer to Purchase Real Estate: A Binding Contract | The Massachusetts Real Estate Law Blog
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Old 04-28-2010, 02:30 PM
 
Location: Tempe, Arizona
4,511 posts, read 10,625,815 times
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Quote:
Originally Posted by chiefy View Post
I just realized that every state has different norms so I did more research....
Right, I was not considering your contract differences. In AZ, the offer to purchase is included as part of the final contract, not two separate documents. You probably should ask a tax professional if your offer to purchase contract will be sufficient.
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Old 04-29-2010, 11:31 AM
 
Location: Denver area insider
10,250 posts, read 26,278,096 times
Reputation: 6317
Default Good news for Service members

Service Members Get Extra Year for Tax Credit
Members of the U.S. military, foreign service and intelligence communities have another year to purchase a home and claim the home buyer tax credit.

Any service member who is or has been on extended duty for 90 days or more between Jan. 1, 2009 to April 30, 2010, has until April 30, 2011, to sign a sales contract and until June 30, 2011, to close on the property. Both the $8,000 first-time and the $6,500 repeat home buyer tax credits are included in the extension.

The rule that requires buyers to repay the credit if they move out of their home within three years has also been waived for qualified service members if they receive government orders to move.

Source: The National Association of Home Builders (04/26/2010)
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