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FIRST TIME HOMEBUYER CREDIT of $8,000.00 IS EXTENDED TO APRIL 30, 2010

• The Homebuyer tax credit deadline was extended from November 30, 2009 until April 30, 2010
• Buyers will need to enter into a contract by April 30th and will have to close by June 30, 2010
• If you are not a first time homebuyer, you may still qualify for a credit of $6,500.00 as long as you purchased your home between November 7, 2009 and April 30, 2010


• Income limits were increased for home purchased after November 6, 2009
• Full credit for taxpayers with modified adjusted gross incomes (MAGI) of up to $125,000 or $225,000.00 for joint filers
• Those Filers with MAGI between $125,000.00 and $145,000.00 (single filers), or $225,000.00 to $245,000.00 (joint filers) are eligible for a reduced credit.
• Those with higher MAGIs do not qualify.


• For homes purchased prior to November 7, 2009 the existing limits are still in effect
• Single filers with MAGI of up to $75,000.00 or joint filers with MAGI of up to $150,000 full credit is available
• Single filers with MAGI between $75,000.00 and $95,000.00, or joint filers with MAGI between $150,000 and $170,000.00 are eligible for a reduced credit.
• Those with higher MAGIs do not quality.


• New restrictions for purchases after November 6, 2009 go into effect with the new law
• Dependants are not eligible to claim the credit
• No credit is available for purchase over $800,000
• Purchase must be at least 18 years on the date of the purchase


• Members of the Military and certain federal employees

For more details on the credit, visit the First-time Home Buyer credit page on www.irs.gov website.

Questions on Buying?

If you would like an appointment to discuss your real estate needs and have questions relating to your purchase or sale of property, please submit your buyer/borrower information and/or your seller information……..and one of our competent team members will meet with you and review your documentation. To prepare for such a meeting, please make sure you gather all relevant documents to bring with you to the meeting. Examples of important documentation you should bring to the meeting are as follows:

• Proposed Purchase and Sale Agreement
• Deeds
• Title Insurance Policies
• Plans
• Mortgages
• Court documents
• Real estate tax bills
• Photographs
• Realtor names
• Inspector/Appraisal Information

Important and Inexpensive Protection for your Investment

Massachusetts Homestead Protection (as of October 26, 2004)….provides the homeowner with protection from claims of any unsecured debts homeowner may have to a maximum figure of $500,000.00. Any homeowner can file a Declaration of Homestead, but only one homeowner per principal residence. You may record a Declaration of Homestead at the Registry where the property is located.

Benefits of Owner’s Title Insurance Policy……A one-time premium at closing covers you throughout your ownership of the property and after. Here are some assurances you will receive from a Standard Owner’s Title Insurance Policy:

• Insures you are the owners of the property
• Insures against losses from any liens or encumbrances on the property except those recited within the Policy
• Insures you have legal right of access to your property