Legal Question in Real Estate Law in Michigan

Land Contract

I am in the process of entering into a Land Contract for the purchase of a home. Is it standard to reimburse the seller for taxes already paid at the execution of the land contract? In entering the land contract I am,in essence paying the existing monthly mortgage payment which includes taxes & insurance. Therefore, am I correct in my assumption that,there are no taxes to be reimbursed?


Asked on 12/03/06, 10:12 am

1 Answer from Attorneys
Rochelle Guznack Law Offices of Rochelle E. Guznack, PLLC

Re: Land Contract

Taxes are paid to the taxing authority in advance, so those prepaid taxes should be prorated so that each party pays only his share of the taxes with the closing date being the cutoff.

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Answered on 12/03/06, 12:54 pm


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