Having a checklist of items and information you need when closing on a home is imperative. Not only to know the terms of your transactions, but also the future tax implications of your real estate purchase. In this article, we provide a checklist that a seller and their attorney must have to handle the transaction including tax prorations and closing date. The attorney must review the previous years; property tax information to determine any amount that must be credited to the buyer as a tax proration at the time of closing.
In this article, we will provide a checklist of tasks that the seller (or the seller's attorney) must handle between the execution of the contract and the closing date, including tax prorations. The seller's attorney will review the previous year's property tax information to determine the amount that will be credited to the buyer at closing in the form of a tax proration.
Read more about how to prepare for a Schaumburg real estate closing from our Schaumburg property tax attorneys.