Homebuyer Credit Extended Again!

Posted on July 16, 2010 by Todd Goodwin

Back on March 30th I wrote that homebuyers needed to act fast to meet the then fast approaching expiring deadline for closing on the purchase of a residence.  Since then, Congress has acted once again by extending the closing deadline from June 30 to September 30, 2010, for eligible homebuyers.  Again, for qualifying purchases in 2010, you have the option of claiming the credit on either your 2009 or 2010 return.

Deadlines

  • You must have purchased, or entered into a binding contract to buy, a principal residence on or before April 30, 2010.
  • If you entered into a binding contract by April 30, 2010, you must close (go to settlement) on the home on or before September 30, 2010.

Please consult your tax advisor as to the other details, requirements and qualifications that must be met to claim the credit. 

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Watch Out If You Are Buying Real Estate in Wisconsin!

Posted on March 31, 2010 by Tom Schober

Buying residential real estate in Wisconsin almost always entails using an "Offer to Purchase," also known as form WB-11. In a recent article written for the March issue of the Wisconsin Lawyer magazine, entitled "Using the New, Flawed Residential Offer Form," Richard J. Staff criticized the current draft of the form which requires mandatory use by real estate licensees in Wisconsin after March 1, 2010.

Staff points out problems with the new form that relate to:

  • closing prorations
  • financing contingencies
  • the "gap" endorsement
  • conveyance of title

Lawyers are not bound to use this form and those knowledgeable in handling real estate transactions will undoubtedly either use the old forms of consider substantial modifications to the new form.

This is another good reason to have a competent attorney represent you if you are contemplating doing a residential real estate transaction in Wisconsin.
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