I have client that paid an individual for a house. The seller is going to do a quick claim deed for the house. The buyer purchased the house 12/3/08, however the seller hasn't filed the paperwork with the county because she can't afford it. Does the buyer qualify for the credit since she paid the full price? Or, does the buyer have to wait until the seller filed the paperwork with the county?
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That is a good question and a bad situation to be in. It's weird that the seller doesn't have the money to change title after receiving cash for the house. I would not trust him. I think technically the buyer should own the house after paying if this is what was agreed upon. But seller can do with the house anything he wants, so legally buyer might be out of house and out of money. Do they have any written contract? -
They are friends and the house was only $6000. The seller said she would pay the county after she receives her tax refund. I don't know if anything was in writing, but the buyer has been living in the house since the day she paid for it. Would you take the credit?Comment
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I'd probably put it on extension to give the seller time to get the paperwork done.
That said, you could file without the credit and then amend. You're only looking at a $600 difference anyway.Comment
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