We just received this update from Jim Gillespie, President and CEO of Coldwell Banker Real Estate, LLC and wanted to pass the news along to you:
We have some important developments to share with you on the legislative front, and wanted to make sure that you had the correct facts to share with your sales associates as well as the homebuyers and sellers who will be affected by this news.
Late last night, the United States Senate passed an extension of the Homebuyer Tax Credit closing deadline. Known as the “Homebuyers Assistance and Improvement Act of 2010,” the bill was passed by unanimous consent. The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. This legislation is designed to create a seamless extension, and the new closing deadline for eligible home sale transactions is now September 30, 2010. There will not be any gap between June 30 and the date the President signs the bill into law.
In addition, the Senate also passed the National Flood Insurance Program Extension Act of 2010, an extension of the National Flood Insurance Program until September 30, 2010. This will allow transactions to move forward. The bill is retroactive and covers the lapse period from June 1, 2010 to the date of enactment of the extension.
Both of these measures should help provide additional stability to real estate markets across the nation.
Our parent company, Realogy has worked diligently behind the scenes in Washington, D.C., with Congressional leaders, the National Association of Realtors, the Business Roundtable and other key decision-makers on this important legislation.
Once again, I would like to thank Richard A. Smith and Alex Perriello for their leadership and efforts on behalf of Coldwell Banker as well as our entire industry. I am proud of Realogy’s active contributions to the democratic process and our success in making the voices of our franchisees and our customers heard by our elected officials.
Once again, I would like to thank all of our Coldwell Banker broker/owners who participated in the Realogy broker survey in May regarding the tax credit expiration. Your feedback was invaluable in helping to put the issues in context during in our conversations with Congressional leaders in Washington, D.C.