Land Contract I am in the process of entering into a Land Contract for the…

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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?

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  1. 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.

    Rochelle Guznack
    Law Offices of Rochelle E. Guznack, PLLC
    16325 Homer
    Plymouth, MI 48170

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