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	<title>Comments on: What is a Real Estate Contract?</title>
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	<link>http://noteinvestor.com/notes-101/what-is-a-real-estate-contract/</link>
	<description>Everything you need to know to Buy, Sell, or Create a Note!</description>
	<lastBuildDate>Fri, 03 Sep 2010 14:57:11 +0000</lastBuildDate>
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		<title>By: TracyZ</title>
		<link>http://noteinvestor.com/notes-101/what-is-a-real-estate-contract/comment-page-1/#comment-3099</link>
		<dc:creator>TracyZ</dc:creator>
		<pubDate>Thu, 18 Mar 2010 13:41:49 +0000</pubDate>
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		<description>Hello William,

Here is an excerpt from the IRS website for the documentation needed to claim the First Time Home Buyer Credit using Form 5405:

&lt;blockquote&gt;Q. What do I have to attach to my 2009 or 2010 return to prove that I bought a new home in order to claim the credit?

A. If you claim the credit on a 2009 (or later) return, you must attach a copy of your settlement statement. For most homebuyers, this will be a properly executed Form HUD-1, Settlement Statement (U.S. Department of Housing and Urban Development) that includes:

    * Names and signatures (if available) of all parties involved,
    * Property address,
    * Purchase price, and 
    * Date of purchase.

If you purchased a mobile home and do not have a settlement statement, you should attach a copy of your executed retail sales contract showing all parties&#039; names and signatures, the property address, the purchase price and the date of purchase.

If you are claiming the credit for a newly constructed home and you do not have an executed settlement statement, you should attach a copy of your certificate of occupancy showing the name of the taxpayer, the property address, and the date of the certificate.

Source: IRS Website at: &lt;a href=&quot;http://www.irs.gov/newsroom/article/0,,id=218698,00.html&quot; rel=&quot;nofollow&quot;&gt;http://www.irs.gov/newsroom/article/0,,id=218698,00.html&lt;/a&gt;
&lt;/blockquote&gt;

Thanks for your comments and questions.

Tracy Z</description>
		<content:encoded><![CDATA[<p>Hello William,</p>
<p>Here is an excerpt from the IRS website for the documentation needed to claim the First Time Home Buyer Credit using Form 5405:</p>
<blockquote><p>Q. What do I have to attach to my 2009 or 2010 return to prove that I bought a new home in order to claim the credit?</p>
<p>A. If you claim the credit on a 2009 (or later) return, you must attach a copy of your settlement statement. For most homebuyers, this will be a properly executed Form HUD-1, Settlement Statement (U.S. Department of Housing and Urban Development) that includes:</p>
<p>    * Names and signatures (if available) of all parties involved,<br />
    * Property address,<br />
    * Purchase price, and<br />
    * Date of purchase.</p>
<p>If you purchased a mobile home and do not have a settlement statement, you should attach a copy of your executed retail sales contract showing all parties&#8217; names and signatures, the property address, the purchase price and the date of purchase.</p>
<p>If you are claiming the credit for a newly constructed home and you do not have an executed settlement statement, you should attach a copy of your certificate of occupancy showing the name of the taxpayer, the property address, and the date of the certificate.</p>
<p>Source: IRS Website at: <a href="http://www.irs.gov/newsroom/article/0,,id=218698,00.html" rel="nofollow">http://www.irs.gov/newsroom/article/0,,id=218698,00.html</a>
</p></blockquote>
<p>Thanks for your comments and questions.</p>
<p>Tracy Z</p>
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	<item>
		<title>By: William Smith</title>
		<link>http://noteinvestor.com/notes-101/what-is-a-real-estate-contract/comment-page-1/#comment-2981</link>
		<dc:creator>William Smith</dc:creator>
		<pubDate>Wed, 03 Mar 2010 18:21:45 +0000</pubDate>
		<guid isPermaLink="false">http://notesellerblog.com/?p=123#comment-2981</guid>
		<description>What information do I need to sent along with form 5405 for a contract for title as there is no HUD-1</description>
		<content:encoded><![CDATA[<p>What information do I need to sent along with form 5405 for a contract for title as there is no HUD-1</p>
]]></content:encoded>
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	<item>
		<title>By: Does Seller Financing Qualify for the $8,000 First Time Homebuyer Tax Credit? : Note Investor</title>
		<link>http://noteinvestor.com/notes-101/what-is-a-real-estate-contract/comment-page-1/#comment-1952</link>
		<dc:creator>Does Seller Financing Qualify for the $8,000 First Time Homebuyer Tax Credit? : Note Investor</dc:creator>
		<pubDate>Mon, 19 Oct 2009 10:00:35 +0000</pubDate>
		<guid isPermaLink="false">http://notesellerblog.com/?p=123#comment-1952</guid>
		<description>[...] One big difference with a contract is that the seller stays vested in fee simple or legal title while the buyer makes the payments.  When the buyer has made payment in full on the contract then the Warranty Deed transferring title is recorded. This Warranty Deed is recorded upfront at closing when using a  a seller financed mortgage or deed of trust. (For more details and differences read What is a Real Estate Contract?) [...]</description>
		<content:encoded><![CDATA[<p>[...] One big difference with a contract is that the seller stays vested in fee simple or legal title while the buyer makes the payments.  When the buyer has made payment in full on the contract then the Warranty Deed transferring title is recorded. This Warranty Deed is recorded upfront at closing when using a  a seller financed mortgage or deed of trust. (For more details and differences read What is a Real Estate Contract?) [...]</p>
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