Is the closing date always the same as the title transfer date?
In the interest of the $8000 tax credit (as opposed to the old $7500 loan), I'm very curious. The Federal Housing Tax Credit website says, "the purchase date is the date when closing occurs and the title to the property transfers to the home owner." I closed on December 30th, so would this also be the date of the title transfer? Who would I contact to verify the date on the title?
Scott: That's the date of transfer, as far as I know. You get the deed from the former owner at that time. The attorney's office or title company then sends it to the county for recording; if it doesn't get there, there can unpleasant consequences about who has title to what. I've seen attorney’s offices that have dropped the ball and it wasn't done. Check with the county a short time after closing to be sure that the recording is complete. Otherwise, nobody knows, at least officially. I'd follow the Federal instructions to the letter. Even if wrong, that's often how they count things themselves. I this case you might ask an attorney if I'm correct but I'd say I'd go with the federal guidelines.
Bill
Hi Scott, if an attorney assisted you with your closing, he/she should be able to help you. Also, consult with an accountant because I've heard some comments that suggest that the $8,000 credit may work for Dec. '08 closings, but I am not certain of that. I've not seen that in writing, but I have heard it mentioned so it sure is worth investigating.
Best,
Jeanne Feenick
Search and connect at http://www.feenick.com
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