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b2b777
LIF Adult
Member since 9/09 4474 total posts
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Grieving taxes and moving
If you grieved your taxes with a firm (who takes 50% of the cut) but decide to move, who is responsible for paying that 50%?
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Posted 2/26/18 3:26 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
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Re: Grieving taxes and moving
Once you have an accepted offer and are proceeding to contract, the attorneys typically work it out. If there is a pending grievance, the seller will typically transfer it over to the buyer, and then the buyer is responsible for paying it. I've never seen an instance where a buyer objected to it, because they all want lower taxes (and even paying the fee, they are still coming out with a savings). It makes sense for the buyer to pay, given that the grievance is filed for the future tax year, so it is the buyer who will reap the benefit (seller will be gone by then).
It's a common scenario, and it's customary to transfer everything over to the buyer.
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| Posted 2/26/18 5:10 PM |
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b2b777
LIF Adult
Member since 9/09 4474 total posts
Name:
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Grieving taxes and moving
thank you Christine!
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| Posted 2/27/18 11:34 AM |
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blu6385
Member since 5/08 8351 total posts
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Re: Grieving taxes and moving
Just wondering what happens if the buyer didn't want to pay the fee? I know they benefit from it but you can also grieve yourself without having to pay tons of money. I know personally I would want to have to pay for it if I knew I could just do it myself.
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| Posted 2/27/18 11:39 AM |
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Mill188
LIF Adult
Member since 3/09 3072 total posts
Name:
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Re: Grieving taxes and moving
Posted by blu6385
Just wondering what happens if the buyer didn't want to pay the fee? I know they benefit from it but you can also grieve yourself without having to pay tons of money. I know personally I would want to have to pay for it if I knew I could just do it myself.
it really depends on the original contract that the seller signed with whomever is representing them. Most tax reduction companies have a clause in their contract that the seller is still responsible even if they no longer own the property. This is especially true in Nassau where you have to grieve years in advance of the tax year.
In Suffolk (where you mostly get a refund not a reduced tax bill), the refund is apportioned out as of the date of closing between the two parties like any adjustments made at closing.
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| Posted 2/27/18 8:59 PM |
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Grieving taxes and moving
I have seen many attorneys have incorporated a standard clause in their contract rider that shifts the obligation to pay the fee to the buyer. If you have a grievance, make sure your attorney knows and they can incorporate it into the contract if they don't already have a standard clause. Then the buyers know upfront about the fee and have agreed to it. If you don't have it in the contract, the seller is technically responsible, but you can still try to negotiate with the buyer to pay all or some of the fee.
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| Posted 2/28/18 8:51 AM |
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Millie3
LIF Adult
Member since 7/13 1280 total posts
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Re: Grieving taxes and moving
Our old owners tried to stick us with the bill and we refused to pay. We grieve our own taxes every year and I was so annoyed with them expecting us to pay for it. They had to pay it since we refused.
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| Posted 2/28/18 7:11 PM |
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