Home Buying in Staten Island>Question Details

James, Home Buyer in Staten Island, NY

I'm I responsible to re-imburse previous home owner for property taxes they pre-paid after i closed on the house?

Asked by James, Staten Island, NY Tue Oct 29, 2013

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Hello,

The sellers attorney and title company should have made the proper adjustments to the closing title funds. All purchase contracts should be 100% pro-rated on taxes ( at least that is what I always do). This means that the seller will cover taxes for the buyer up to the closing date. Which would in detail mean that the sellers team of professionals should have calculated proper values for this. And should have look into public county records to determine how much is paid each year or how much is still owed.

Tell the other party that they hired professionals to make sure things like this do not happen and they should go to those professionals and hold them responsible . NOT YOU.

Have a good day and Congratulations on your new home.

Thank you,

Airel Hermosillo
1 vote Thank Flag Link Tue Oct 29, 2013
Hi James,

A property owner cannot pay for just part of a tax period when real property taxes come due. If the full amount is not paid by the due date, interest and penalties start to accrue immediately. When real estate is sold in the middle of a tax period, an adjustment is made at closing whereby the buyer reimburses the seller fo taxes already paid, or the seller reimburses the buyer for taxes that have been left unpaid plus the interest and penalties that have accrued.

Michael Richman
Licensed Real Estate Associate Broker
KIAN Realty
450 7th Avenue Suite 1501
New York, NY 10123
212-757-8268 x220
917-991-2528
mrichman@kianrealtynyc.com
http://www.kianrealtynyc.com
2 votes Thank Flag Link Wed Oct 30, 2013
Taxes will be prorated at the closing, therefore for any necessary clarifications consult with your attorney...
2 votes Thank Flag Link Tue Oct 29, 2013
At closing, an adjustment will be made for taxes that the seller pre-paid. They will be prorated from the closing date to the date of the next tax bill.
1 vote Thank Flag Link Tue Oct 29, 2013
Absolutely! All taxes in essence are paid in advanced, so from the moment you close and become owner of that property you're responsible for the taxes as well. If they were already paid by the seller than you do reimburse them for that amount. Same for oil tanks for example. If they filled up the tank the light before, you're reimbursing them for the oil that's left in the tank for you to use.

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
1 vote Thank Flag Link Tue Oct 29, 2013
Yes, but it should of been taken care of at closing.
1 vote Thank Flag Link Tue Oct 29, 2013
James,

All things are settled at closing by the attorney's.

Coffy Bailey,
Your Neighborhood Realtor
646-773-8347
1 vote Thank Flag Link Tue Oct 29, 2013
This wasn't settled, the attorney's missed it at closing
Flag Tue Oct 29, 2013
They should have paid the taxes before closing. Call your attorney & have him review the paperwork.
0 votes Thank Flag Link Mon Nov 11, 2013
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