TMFExRO writes (in part):The controlling date is the date you enter into a binding contract to buy the new home. I'm not a real estate lawyer, so you might want to verify this, but I recall from my recent sale of a home that once an unrescinded offer is accepted as is, you have a binding contract.I reply:How binding is binding? Most residential real estate purchase and sale agreements are chock full of contingencies (e.g., financing, inspection rights) that must be cleared before the contract is fully enforceable. Can the taxpayer successfully argue that the contract isn't binding until the contingencies have cleared? Of course, since the original poster was prudent enough to ask first, he or she should simply allow the two years to elapse before making an offer, but there may be others to whom the answer makes a difference. --Bob
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra