If you were one of the many homebuyers who took advantage of the Homebuyers Tax Credit this spring, there isn’t much time left to get it all done! The time between April 30th (when you had to be under contract) and June 30th (when you have to close) seemed like a very long time, but it’s not! There has been talk (and some defeated legislation) to extend the closing date for two months-but don’t count on this.
Contact your lawyer and real estate agent to develop a plan for the completion of the following steps towards closing:
Most importantly, you must obtain a mortgage. There has been a flood of applications, and although banks are prioritizing Homebuyer Tax Credit applications, make sure you are on top of the process every step of the way. As with everything, communication is crucial. Ask your lender ahead of time what is needed, get it to them swiftly, and then follow up to make sure all is received. Double check the checklist!
Next, follow up on inspections. By now you should have scheduled one and received the analysis back. If there is remediation, make sure the seller is addressing the issues on a timely basis.
Hand in hand with inspections are the smoke, fire, and carbon monoxide certifications. Each town requires something different, so verify what the rules are and that these are also being done. If there are other outstanding issues, such as missing documentation for oil tanks, permits for work done on the house, Certificate of Occupancy (CO) or Certificate of Continued Occupancy (CCO) if the town requires, or other contingencies, etc., follow up!
Finally, create an artificial close date with the seller. This will be the goal date for completion of all issues, and will give you a little wiggle room in case something goes awry.
Good luck and congratulations!
Posted by: 
Mary Jane Benedetto
