I am closing on a house at the end of the month. Our 2010 real estate taxes are paid and up to date. Do I have to bring money to closing to pay for our 2011 taxes although we have not received a bill yet?
Asked on 8/25/11, 1:13 pm
1 Answer from Attorneys
Naheed Amdani
Law Offices of Naheed A. Amdani, P.C.
In a typical residential sale, you will credit money to the buyer for real estate taxes for the current year, prorated from January 1 of the year through the date of closing. If you are closing on August 31, for example, you will give the buyer a credit for taxes from January 1 - August 31. This is to cover the time you owned the home. Hopefully you are netting some money from your sale, and you do not actually have to bring in a check to cover this proration.
Answered on 8/25/11, 1:55 pm
Related Questions & Answers
-
How to add an individual on the title of paid real estate property. Asked 8/23/11, 12:30 pm in United States Illinois Real Estate and Real Property
