American Land Title Association Urges Congress
to Extend Closing Deadline for Homebuyer Tax
June 17, 2010 04:57 PM Eastern Daylight Time
WASHINGTON--(EON: Enhanced Online News)--The American Land Title Association (ALTA) sent a letter
June 16 urging legislators to support an extension of the present homebuyer tax credit closing deadline to Sept. 30,
In order to qualify for the homebuyer tax credit, a buyer must have entered into a binding sales contract on or before
April 30, and the transaction must close no later than June 30.
“Despite the real estate settlement industry’s best efforts, it appears that many consumers are at risk of having their
transactions not close by June 30,” said Mark Winter, president of ALTA.
Because of the amount of time to process short sales and foreclosures, many consumers may be unable to meet this
deadline. This could impact as many as 75,000 prospective, according to the National Association of Realtors. The
Senate passed an amendment on June 16, which was introduced by Sens. Harry Reid (D-Nev.), Johnny Isakson
(R-Ga.) and Chris Dodd (D-Conn.), that extends the present homebuyer tax credit closing deadline by three
“ALTA encourages other legislators to follow the senators lead and support this measure,” Winter said. “It would be
unfair to consumers who have met the eligibility requirements for the credit and done all within their power to satisfy
the timing requirements, only to forfeit the credit because of administrative challenges related to the transaction.”
The American Land Title Association, founded in 1907, is a national trade association representing more than 3,000
title insurance companies, title agents, independent abstracters, title searchers, and attorneys. ALTA members
conduct title searches, examinations, closings, and issue title insurance that protects real property owners and
mortgage lenders against losses from defects in titles.
American Land Title Association
Jeremy Yohe, 202-26