Section 121 exclusion - GOP plan- binding contract before 12/31

[Sandeep K Gupta]

Both house and senate wanted that EXCLUSION OF GAIN FROM SALE OF A PRINCIPAL RESIDENCE (section 121 exclusion) to be modified to at least 5 out of 8 years instead of current 2 out of 5 years, 

In version that passed house it said: "The amendments made by this section shall apply to sales and exchanges after December 31, 2017". It was not clear what is the definition of "sale"  in house version - did "sale" mean signing of binding contract on or before Dec 31st 2017 that closes escrow later, or actual "closing of transaction/title transfer/escrow" to happen before Dec 31st. 

In senate version it had an important clarification/"exception" specifically spelled out to explain the above by a "binding contract exception" -- "...shall not apply to any sale or exchange with respect to which there was a written binding contract in effect before January 1, 2018, and at all times thereafter before the sale or exchange" meaning if you had a binding contract to sell before Jan 1st 2018,  it is still 2 years out of 5 years rule of the past for primary residence exclusion of gain.

my tax accountant said it is pretty clear from senate version that binding contract should be good enough to get exception and even the house version that was not clear and subject to interpretation of definintion of "sale" -- presence of binding contract on seller is considered "sale" technically as seller is forced to sell and buyer delay cannot be held against seller for a tax code to penalize the seller who is largely affected by this law change. 

Can anyone please answer,

1) Did both house and senate agree on the changes to section 121 exclusion modification to 5 out of 8 instead of 2 out of 5 and 

2) allow this important exception to binding contracts struck before Dec 31st 2017 or this clarification language to get in the agreed bill

is this looking almost a done deal now?