I recently purchased a wholesale house. I am almost finished with the rehab. I had a friend sign a contract to purchase the house on Friday April 30th and dated the same. Can I assign this contract to someone and they close before June 30 to still get the tax credit? I want to market it on the MLS as such saying still available for tax credit and to call my realtor, but he was not sure if we can do this? Any help would be greatly appreciated. Please no speculations.
No.
The final buyer had not entered into contract before May 1.
The “purchase” is defined by entering into contract before May 1, with closing allowed to be completed between May 1 and July 1.
July 1 is not an additional qualifier: it’s not contract before May 1 OR close before July 1. It’s a DIS-qualifier: contract before May 1 AND close before July 1.