The tax credit will be available to buyers on a first-come, first-served basis and is applied in equal amounts over a period of three taxable years.
 
At that time most people believe that it would be the same as  IRS Credit for first time home owner.
 
I bought my first home and closed escrow account on 05/19/2010.  My realtor as well as the escrow employees did not know about this 14 days limit to submit the application. No body told me about that until I visited FTB website on 06/07/2010. Even though, it was late 5 days, I faxed my application on that day. And my application was denied.
 
I believe it is unfair practice. It is unfair because it is not a first-come, first-served basis as the law said.  I submitted application and bought a house first, but my application was denied because 14 day limit. Whereas, other homeowners bought a house after me and submitted application after mine, but their application were approved.
  
FTB should announce clearly and widely on radio, TV, not only on its website and should allow the time enough for the information reach the recipients.   
FTB should do more and clear because normal people may assume it is the same as IRS.  What do you think if the Right to speech have a limit “you cannot critize the government?” like Chinese communist? What a ridiculous bill!
 
If you visit this web site on 03/26/2010 you can see no info about 14 days limit law of FTB.
 
http://california.realestaterama.com/2010/03/26/governor-schwarzenegger-signs-10000-homebuyer-tax-credit-legislation-ID0583.html

FTB 14 days annoucement
http://www.ftb.ca.gov/individuals/new_home_credit.shtml?WT.mc_id=HP_Feature_HomeCredit_Hed