If there is a assessment between the time of contract and closing, is the seller or the buyer responsible to pay the assessment?
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If there is a assessment between the time of contract and closing, is the seller or the buyer responsible to pay the assessment?
There is no assessment as of right now, is the seller or the buyer responsible for the assessment if there is one between the signed contract and the closing?
Asked on March 19, 2019 under Real Estate Law, Florida
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
The owner of the property is liable for any assessment imposed. And until the closing, the seller remains the owner. Accordingly, the seller is responsible for the assessment. If it has not been paid by the closing date, then the seller can give the buyer an adjustment in the purchase price or pay the assessment at the closing.
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
Prior to the closing, the seller is still the owner of the property; the buyer only becomes the owner after the closing. Since the seller is still the owner between the signing of the contract and the closing, the seller would be responsible for the assessment.
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