After a close encounter with the deadline, the United States Senate passed an extension of the Homebuyer Tax Credit closing deadline on June 30. The extension applies only to transactions that have approved contracts in place as of April 30, 2010 and have not yet closed. The legislation should create a seamless extension and the new closing deadline for eligible transactions is now September 30, 2010. There will be no gap between June 30, 2010 and the date the President signs the bill into law.

More: Homebuyer Tax Credit Extension

 
National Flood Insurance Extended

Also at the last minute, on June 30th the Senate passed the National Flood Insurance Program Extension Act of 2010, which extends flood insurance until September 30, 2010, and will allow transactions to move forward. The bill is retroactive and covers the lapse period from June 1, 2010, to the date the extension is enacted.

More: National Flood Insurance

As always, if you have any questions, or if you or anyone you know needs some professional real estate assistance, please give me a call. I'm here to help.