Hi All,
When is the new owner supposed to inform the city of the purchase, for property tax payment purposes? Immediately after the closing day?
What if there is a high amount owing from the past by the previous owner? Should the buyer`s lawyer ensure he gets a confirmation from the seller`s lawyer that the bill was paid? Is this part of the title insurance/search or is it something else the buyer`s lawyer is also responsible for? should the buyer`s lawyer call the city himself for example to ensure all past bills were paid? - asking as apparently the city will not provide that information directly to the new owner in certain situations.
I guess it`s a "technical" question about timing and process for ensuring all past bills are paid by the previous owner (or executrix) before new bills are paid by the new owner, in order to avoid any issues with the city.
THANKS,
Neil
When is the new owner supposed to inform the city of the purchase, for property tax payment purposes? Immediately after the closing day?
What if there is a high amount owing from the past by the previous owner? Should the buyer`s lawyer ensure he gets a confirmation from the seller`s lawyer that the bill was paid? Is this part of the title insurance/search or is it something else the buyer`s lawyer is also responsible for? should the buyer`s lawyer call the city himself for example to ensure all past bills were paid? - asking as apparently the city will not provide that information directly to the new owner in certain situations.
I guess it`s a "technical" question about timing and process for ensuring all past bills are paid by the previous owner (or executrix) before new bills are paid by the new owner, in order to avoid any issues with the city.
THANKS,
Neil