When Time is of the Essence, are you thinking about Buying a Home? $8000 Tax Credit

Reblogger Shirley Parks
Real Estate Broker/Owner with Sands Realty 210-414-0966 Texas License #0331413

Original content by South Austin Real Estate Blog

Are you thinking about Buying a Home?  Using the $8000 Tax Credit the timeline is approaching.

When Time is of the Essence,  we know that is a legalese term that most Realtors® adhere to but do not use much.  What does it mean?  According to a legalese website... I found this as the meaning.

A phrase in a contract that means that performance by one party at or within the period specified in the contract is necessary to enable that party to require performance by the other party.

Failure to act within the time required constitutes a breach of the contract. The general rule is that time is not of the essence unless the contract expressly so provides. As a result, with respect to real estate transactions, the modern view is that time is not of the essence unless the parties have manifested such an intent. The same is generally true in construction contracts and in contracts relating to the manufacture of goods. When time is not of the essence, courts generally permit parties to perform their obligations within a reasonable time.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

So that pretty much sums up what I thought, it means  in order to get what you want you must adhere to the TIMELINE set forth in the beginning.   Now what does a blog post have to do with this term?  Looking at it from the $8000 Tax Credit for First Time Homebuyers.. it means the time line is fast approaching when you will not benefit from this Tax Credit.

It is now August 1,2009.  Yesterday I heard a lender say, we need at least 45 days to process and close a loan.  That brings the date to September 15, 2009.. IF YOU WERE UNDER CONTRACT TODAY.  So back that up a bit and say 3 weeks to find and decide on a home, and negotitate the contract.  So now we are at mid October.  Perfect if you are ready to buy now.  IF you are thinking about buying, I would get it done. 

The final date for closing and funding and transferring title of the new home to you is NOVEMBER 30, 2009.

Will the Government allow late closers to take the $8000 Tax Credit?  I do not know.  Right now I would tell you the current IRS website says the deal has to be done and over by November 30, 2009.  I would not want to bet anyones $8000 on any other date.

If you need help with your Real Estate Goals here in Austin Texas, Buda, Dripping Springs or Kyle, call me and I can help you.   Gail Tassey, Realtor®, 512-217-9482 or visit my web site to begin your search. http://austincomeshome.com

 

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Rainmaker
950,293
Greg Nino
Houston, Texas
RE/MAX Compass, formerly RE/MAX WHP

Hi Shirley!

August 04, 2009 09:51 PM
Rainmaker
525,809
Shirley Parks
Broker, 210-414-0966, San Antonio TX Homes
Sands Realty 210-414-0966

Hi Greg!

August 04, 2009 10:23 PM
Rainer
264,941
South Austin Real Estate Blog
Sky Realty South Austin

Shirley thank you for the reblog.. I think this information is so important we need to post it every couple of days to remind everyone.  The clock is running.

August 05, 2009 06:57 AM
Rainmaker
525,809
Shirley Parks
Broker, 210-414-0966, San Antonio TX Homes
Sands Realty 210-414-0966

Hi Gail, I was planning to write a post about the same thing but your post was so good I decided to just reblog yours. :o)

August 05, 2009 07:36 AM
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Rainmaker
525,809

Shirley Parks

Broker, 210-414-0966, San Antonio TX Homes
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