When purchasing a real property, it’s important to make sure
that a Buyer receives appropriate credit for property taxes. Since property taxes are paid one year behind,
usually the buyer should receive a credit for an installment that’s not yet due
as well as credit for all days of the present year up to the date of the closing. Depending on a transaction, property taxes
can be prorated at 100% or higher. Since most property taxes increase each
year, it is advisable to ask for at least 105% proration. It is very important
to be represented by an attorney to make sure that appropriate tax credit is
received at closing. Attorneys at Kocinski Law Offices, LLC will help you with
that.
Wednesday, May 23, 2012
Purchases of Real Estate and Taxes/Kupno Nieruchomosci i Podatki
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