ASSESSMENT FOR MUNICIPAL IMPROVEMENTS. Certain municipal improvements (such as sidewalks and sewers) may result in the municipality charging property owners to pay for the improvements. All unpaid charges (assessments) against the property for work completed before the closing will be paid by the Seller at or before the closing. If the improvement is not completed before the closing, then only the Buyer will be responsible. If the improvement is completed, but the amount of the charge (assessment) is not determined, the Seller will pay an estimated amount at the closing. When the amount of the charge is finally determined, the Seller will pay any deficiency to the Buyer (if the estimate proves to have been too low), or the Buyer will return any excess to the Seller (if the estimate proves to have been too high).
ASSESSMENT FOR MUNICIPAL IMPROVEMENTS. Certain municipal improvements (such as sidewalks and sewers) may result in the municipality charging Property owners to pay for the improvements. All charges (assessments) against the Property levied prior to closing of title will be the responsibility of the Seller.
ASSESSMENT FOR MUNICIPAL IMPROVEMENTS. Certain municipal improvements (such as sidewalks and sewers) may result in the municipality charging property owners to pay for the improvements. All unpaid charges (assessments) against the property for work completed before the closing will be paid by the Seller at or before the closing, unless such assessments have not yet been determined or are payable over time in which case Purchaser assumes all liability for and shall pay all assessments or installments therefor payable after the Closing Date. If the improvement is not completed before the closing, then only the Purchaser will be responsible.
ASSESSMENT FOR MUNICIPAL IMPROVEMENTS. The municipality has the right to make local improvements. For example, this could include installation of utilities, road improvements or the like. The cost of improvement is then charged against the property(ies) receiving the benefit of the improvement. This charge is known as an assessment, is in addition to real estate taxes. The Seller does not know of any such improvement, which is presently need or contemplated. If such a municipal improvement benefiting the Unit should be completed prior to the date of closing, the Seller may use the proceeds of this transaction to satisfy the assessment. If such a municipal improvement benefiting the Unit is not completed prior to the date of closing, the Buyer shall be responsible to pay the assessment, if any.
