As everyone knows New Jersey has the highest property taxes in the United States and therefore property taxes are a big part of residential real estate closings. Taxes are paid quarterly and therefore real estate taxes are pro-rated at the time of closing so both parties only pay for the time that they actually own the property.
If the quarterly tax payment was paid by the seller prior to the closing a credit will be determined by the title company calling the town tax department to determine the correct amount and a credit will be issued to the seller at the time of closing.
If you or anyone you know is planning on purchasing or selling a home please call the Law Offices of Chirag D. Mehta, LLC at 201-688-0667 or email at Chirag@mycdmlaw.com for a free consultation.