INFORMATION ON GOVERNMENT CREDITS

This is the Official IRS website for the 1st time homebuyer credit
http://www.irs.gov/newsroom/article/0,,id=204671,00.html

This is the Question and Answer page for the 1st time home owner credit.
http://www.irs.gov/newsroom/article/0,,id=206291,00.html

Q. Can a taxpayer claim the first-time homebuyer credit if the purchase is pursuant to a seller financing arrangement (for example, a contract for deed, installment land sale contract, or long-term land contract), and the seller retains legal title to secure the taxpayer's payment obligations?

A. If the taxpayer obtains the "benefits and burdens" of ownership of a residence in a seller financing arrangement, then the taxpayer can claim the credit even though the seller retains legal title. Factors that indicate that a taxpayer has the benefits and burdens of ownership include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property. (7/2/09)

My contracts meet the requirements stated above. If you qualify for this program why not take advantage of it? You can actually move in a home and fill out the amended form 5405 and a 1040x and get up to $8,000 back within a few weeks. I have been in real estate for a long time and I have never seen a better government program for buying a home than now but it ends on April 30th, 2010. Once this program is gone the government will not be handing regular people like you $8,000 dollars to buy a home on land contract. I have included the links above so that you can read it from the IRS and know that I am not here to scam you. Again if you have questions please call me (260)357-0311. I do not check email all that often so please call if you would like a fast response.

There are no pre-payment penalties on any of our contracts and no balloon payoff dates.

Taxes and Insurance on the Real Estate are paid by Zuehsow Properties during the term of the contract.    The actual yearly bill we receive is divided by 12 and deducted evenly from each monthly payment over the term of the contract.  All buyers or tenants are responsible to acquire a renters insurance policy for their personal contents while occupying a property.