Application of section
(1) In general
This section shall only apply to a principal residence purchased by the taxpayer on or after April 9, 2008, and before May 1, 2010.
(2) Exception in case of binding contract
In the case of any taxpayer who enters into a written binding contract before May 1, 2010, to close on the purchase of a principal residence before July 1, 2010, paragraph (1) shall be applied by substituting “July 1, 2010” for “May 1, 2010”.
What's the difference between a contract and a binding contract? The seller had his fingers crossed when he signed? Some provisions had "jk" tacked on the end?