Apr 30, 2010

Tip 19-2010: Tax Credit Deadline

(Tax Credit Deadline) Everyone is currently focused on the first deadline to qualify for the tax credit—there must be a fully executed contract by April 30, 2010 (Friday). It is the other deadline that also needs to be emphasized. The actual closing must be completed not later than June 30, 2010. This means that not only does the closing need to occur but the deed has to be recorded by this deadline (June 30 is a Wednesday).

Be sure that everyone involved in the closing knows the transaction needs to comply with the June 30 tax credit deadline. Initially the following suggestions should be considered:

(a) Apply for the loan ASAP
(b) Make sure the lender knows about the deadline and will expedite the loan
(c) Perform all inspections early
(d) Select the settlement attorney immediately ( don’t wait for loan commitment)

There are other suggestions which will be provided in next week’s Tucker’s Tip. Above all, be sure that all the parties in the transaction (lender, realtor, attorney, buyer and seller) continue to communicate with each other to insure that all issues can be addressed and resolved early.

Please contact me if you have any questions.

William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, Virginia

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