A recent seller, Carol, was concerned about her upcoming HOA fees and property taxes…. she didn’t want to pay for the whole year and then sell the property -- she was concerned those fees would become a “sunken” coast.
Not so!
When you sell your property, property taxes and HOA fees are pro-rated between the buyer and seller at the closing of the sale.
For property taxes, the pro-ration is usually based on the number of days that you owned the property during the current tax year. The closing agent or title company handling the transaction will determine the amount of property taxes that you owe up until the date of the sale, and this amount will be credited to you as the seller. The buyer will then be responsible for paying the property taxes for the remainder of the year.
For HOA fees, the pro-ration is also based on the number of days that you owned the property during the current billing period. The closing agent or title company will calculate the amount of HOA fees that you owe up until the date of the sale, and this amount will be credited to you as the seller. The buyer will then be responsible for paying the HOA fees for the remainder of the billing period.
So, no matter when you sell, you’re only paying HOA and property taxes for the days you actually own the property.
Ready to consider selling and not continue to incur fees for property you’re no longer using? Contact us and get a fair, no-obligation offer. We can help guide you through these issues to find a solution. Or call us at 757-908-3794.
We buy vacant land and can make you a cash offer. Head on over to www.landsalesforcash.com to request a cash offer.
There are no commissions or fees and no obligation whatsoever. Simply fill out the form and we will send you an offer!
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