TAX PRORATION AGREEMENT - Saturn Title LLC
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TAX PRORATION AND ESCROW
AGREEMENT
CLOSING DATE: _____________________________
PROPERTY ADDRESS: _________________________________________________________
SELLER: _____________________________________________________________________
PURCHASER: _________________________________________________________________
Purchaser and Seller hereby agree that the proration of the _______________ general real estate taxes on the property shall be made when the ________________ tax bill is issued, and the actual amount of tax is determined.
Seller is responsible for the taxes for the Property for the period of time prior to the Closing. Purchaser is responsible for the taxes for the Property for the period of time after the Closing.
If the Property is undivided and the tax bill includes other property, Seller will compute the respective portions allocable to Purchaser and Seller and transmit Seller’s portion to the Purchaser no later than fifteen (15) days prior to the date the taxes are payable.
If the tax bill is divided and mailed to the Seller, the Seller will calculate his/her portion and transmit his/her allocable amount to the Purchaser together with the tax bill no later than fifteen (15) days prior to the date the taxes are payable. If the tax bill is divided and mailed to the Purchaser, Purchaser shall furnish Seller with a copy and Seller shall calculate his/her portion and transmit it to the Purchaser no later than fifteen (15) days prior to the date the taxes are payable.
That Seller’s attorney shall hold in escrow the amount of $_______________, towards the payment of Seller’s portion of the aforesaid real estate taxes.
__________________________________ __________________________________
Seller Buyer
__________________________________ __________________________________
Seller Buyer
__________________________________
Escrowee
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