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I wanted to pass along info that McFerran, Burns & Stovall PS had emailed to me...

STATUTORY UPDATE ALERT

We are finding many people are unaware that the $8,000.00 credit under the Homebuyer's Assistance Act was extended and an additional year added for military service members, foreign service employees and people in the intelligence community. The reason behind the law is that people serving abroad will not necessarily have an opportunity to search for a house in a timely manner and should not be denied credit due to their service to the nation.

Such qualifying individuals have until April 30, 2011 to enter into a binding contract and must complete the sale by June 30, 2011. To qualify, one must be in the military, foreign or intelligence services and serve for 90 days outside the U.S. between January 1, 2009 and April 30, 2010. The law extends the benefit to spouses of a qualifying person. The new law also waives the repayment of the credit if the service member sells the house within 3 years due to official extended duty.

This reminder should be of particular interest in Pierce County with the upcoming return of Fort Lewis troops.

This update is brought to you by your friends at

McFerran, Burns & Stovall, P.S.

We have served the Puget Sound area for over 20 years with

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Real Estate Law Hotline (253) 284-3888

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