The last tip highlighted a situation where a supplementary tax bill had been issued by the City on a property we had sold that was, in fact, occupied by the previous owner during part of this billed reassessment period.
Our Buyer is faced with paying the whole bill.
I received many comments on that tip. Many couldn’t believe it. Some, having been in the business for decades, said they had just never seen this happen before. Others weren’t too surprised. Many appreciated the heads-up and suggested offer clause.
One agent, Tom Sachdeva of Re/Max Dynasty, told me that he had personally experienced the same situation several years ago.
Apparently, he subsequently submitted his supplementary tax bill to his title insurance insurer for reimbursement and, lo and behold, they paid the portion of the assessment that was applicable for the period in which the previous owner was in possession of the property. Wow. Great news.
Thank you for sharing, Tom and for giving me permission to share your experience. I immediately fed this insight to our agent and she conveyed it to her Buyer. We looked pretty good. I love that!
Tom’s response made my day. Thanks, again.
I will keep on writing tips, such as they are. I truly appreciate everyone’s engagement.
This type of collaboration knocks me out and is just a small sample of what can happen when we support one another. This time, I benefitted. Next time, hope it’s your turn.
I am proud to be a Realtor in this fine city.