The House and Senate have passed two pieces of legislation affecting the Real Estate Industry:
Homebuyer Assistance and Improvement Act (H.R. 5623). The June 30, 2010 closing deadline has been extended to September 30, 2010 The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension the new closing deadline for eligible transactions is now September 30, 2010. There is will be no gap between June 30 and the date the President signs the bill into law. I'm at a loss why contracts executed by April 30 still need time to close.
Additionally, the United States Senate has passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569). This extension is only to September, so time's a-wastin'.
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