Hoboken Buyers – The home buyers tax credit deadline is April 30th

Hoboken buyers, the home buyers tax credit deadline is fast approaching! With attorney review periods, you should have a signed contract to an attorney no later then Tuesday, Wednesday at the very latest!

Couple of basic details:

  • A tax credit of up to $8,000 is available for first-time home buyers purchasing on or after January 1, 2009 and on or before April 30, 2010. In cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
     
  • A tax credit of up to $6,500 is available for repeat home buyers who have owned a home for five consecutive years out of the prior eight years. The repeat home buyer tax credit applies to houses sold after November 6, 2009 and on or before April 30, 2010. In cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
     
  • All Realtor prepared contracts must contain a three-day attorney review period. Under this clause, the Buyer or Seller may choose to have an attorney review their contract. The contract will be legally binding at the expiration of the three-day period unless an attorney for either party reviews and disapproves of the terms of the contract.  In terms of counting time or calculating the expiration of the three-day attorney review period, you do not count the date of delivery of the fully executed agreement to all parties and you do not count Saturdays, Sundays or legal holidays.

 

Get more details at Home Buyers Tax Credit.

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