Anthony Wells

Today, the National Association of Realtors announced that the United States Senate passed an extension of the Homebuyer Tax Credit closing deadline.

Known as the “Homebuyers Assistance and Improvement Act of 2010,” the bill was passed by unanimous consent.

The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed.

This legislation has been designed to create a seamless extension, and the new closing deadline for eligible home sale transactions is now September 30, 2010. This is reroactive to June 30 and there will be no gap between passage and date the President signs the bill into law.

In addition, the Senate also passed the National Flood Insurance Program Extension Act of 2010, an extension of the National Flood Insurance