Common Contracts
1 similar Residential Purchase Agreement contracts
RESIDENTIAL PURCHASE AGREEMENTResidential Purchase Agreement • August 17th, 2021
PRORATIONS: General taxes, annual maintenance fees, subdivision charges, special assessments, city and county charges and tenant’s rents, collected or uncollected, shall be prorated as of the date the title has been recorded. Taxes and assessments shall be prorated based upon the latest available tax duplicate. However, if the tax duplicate is not yet available or the improved land is currently valued as land only, taxes and assessments shall be prorated based upon 35% of the selling price times the millage rate. The escrow agent is instructed to contact the local governmental taxing authority, verify the correct tax value of the property as of the date the title has been recorded and pay the current taxes due to the date the title has been recorded. If the property being transferred is new construction and recently completed or in the process of completion at the time the agreement was signed by the parties, the escrow agent is instructed to make a good faith estimate of the taxes to
