We got an offer on our house but the realtor said something about us having to pay the rest of the year's taxes. Is this common or just something that can be part of an offer? They offered 4k less than what we have it on the market for. But, if we have to pay the rest of the taxes...then we are going to need a little more than what they are offering us. Thanks
2007-06-13 16:17:12 · 6 answers · asked by Angie M 1 in Business & Finance ➔ Renting & Real Estate
You will only have to pay the taxes up to the actual day of closing of the deal, not for the whole year. For example if you sold your house today and agreed on a closing date of August 1st, you would only owe taxes up to August 1st, since you would not be the homeowner after that. You only pay taxes on properties you own. The lawyer will figure out in the final closing documents how much you owe, if anything (or, if you've already paid past August 1st, then you would get a credit from the purchaser for the amount that you paid beyond that.) The best thing to do is to check your tax bill to see how far you've paid up, and if you're in doubt, speak to your lawyer to clarify. Hope that helps.
2007-06-13 16:29:08 · answer #1 · answered by ((♫♥♪♫♥♪♫ Shivers ♫♥♪♫♥♪)) 5 · 0⤊ 0⤋
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2016-09-05 16:00:18 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Your Real Estate Agent misinformed you, when your closing at the title company, The taxes will be split - you will have to pay only for the time you were there. It will then be credited to buyers side on the HUD-1.(settlement statement) The tax bill will come at the end of the year, to the property that will be owned by the other person, He/She will be responsible for the Whole Tax bill- because at closing, you have already paid your share for the year. Hope this helps.
Keith
2007-06-13 16:43:11 · answer #3 · answered by Keith G 1 · 0⤊ 1⤋
It's unusual in my market, simply because, in my state, one does not know the value of the annual taxes until late in December. I assume it could be used as a bargaining point in an offer to purchase, but I don't see why they just didn't lower their offer by roughly the amount of the annual property tax. Seems awfully weird to me.
2007-06-13 16:22:50 · answer #4 · answered by acermill 7 · 0⤊ 1⤋
You only have to pay the taxes up to the day of closing. The buyers are responsible for the remainder. It sounds like they have a buyer agent who is trying to get some "freebies" for them from you. Stand your ground, nobody should have to PAY to sell their home. Let them pay their own taxes.
Good Luck!
2007-06-13 16:28:00 · answer #5 · answered by Barbara 5 · 0⤊ 1⤋
where I live the mortage company pays the taxes quarterly and must be up to date when I sell for the quarter. All that is also handled at the settlement table where I am. Therefore any profit check is adjusted before they hand it to me for all costs.
2007-06-13 16:27:23 · answer #6 · answered by Carl P 7 · 0⤊ 1⤋