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Contract Series Paragraph 10

George Clements ~ Greenville, SC Real Estate

 

Paragraph 10 is entitled "ADJUSTMENTS" and looks something like this:



10. ADJUSTMENTS: Taxes, fuel(s), rents, other fees associated with rentals, including homeowner’s association fees, will be adjusted as of the date of closing. Tax prorations are based on the tax information available on the date of closing and are to be prorated on that basis. Prorations at closing shall be final.

 

This section basically says that the taxes and home owner's association fees for the year will be divided up between the purchaser and the seller based on the amount of time they had the property for the year.  If taxes on a property were $1200.00 and the seller lived in the house for 3 months of the year, then the seller would pay $300 towards the taxes and the purchaser would pay the rest.  The closing attorney will estimate what all this will be and credit the purchaser at closing for the amount the seller would owe.

 

Comment balloon 0 commentsGeorge Clements • March 19 2008 02:26PM
Contract Series Paragraph 10
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George Clements ~ Greenville, SC Real Estate Paragraph 10 is entitled "ADJUSTMENTS" and looks something like this: 10. ADJUSTMENTS: Taxes, fuel(s), rents, other fees associated with rentals, including homeowner’s association fees, will… more
Contract Series Paragraph 9
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George Clements ~ Greenville, SC Real Estate Paragraph 9 of the Contract For Sale deals with possession and looks something like this: 9. POSSESSION: Possession of said Property will be given to Purchaser ____at the time of closing, provided… more
Contract Series Paragraph 8
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George Clements ~ Greenville, SC Real Estate Paragraph 8 in the Contract For Sale deals with whose name the title is going to be put in and how the closing is going to take place. The paragraph looks something like this: 8. CONVEYANCE AND… more
Contract Series Paragraph 7
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George Clements ~ Greenville, SC Real Estate Paragraph 7 of the Contract For Sale deals with closing costs. The paragraph looks something like this: 7. CLOSING COSTS: All expenses necessary for the consummation of this sale, unless otherwise… more
Contract Series Paragraph 6
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George Clements ~ Greenville, SC Real Estate Paragraph 6 of the Contract for Sale is named "LOAN APPLICATION. " The paragraph looks something like this: 6. LOAN APPLICATION: Purchaser agrees to apply for financing, as required above,… more
Contract Series Paragraph 5
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George Clements ~ Greenville, SC Real Estate Paragraph 5 of the Contract for Sale deals with contingency. The paragraph looks something like this: 5. CONTINGENCY: The obligation of the Purchaser to purchase is also contingent upon: ____The… more
Contract Series Paragraph 4
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George Clements ~ Greenville, SC Real Estate Paragraph 4 of the Contract For Sale deals with financing. The paragraph looks something like this: 4. FINANCING: The obligation of Purchaser to purchase the Property is contingent upon the… more
Contract Series Paragraph 3
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George Clements ~ Greenville, SC Real Estate Paragraph 3 of the Contract For Sale goes into more detail with earnest money. The paragraph looks something like this: 3. EARNEST MONEY: All cash monies or certified funds will be deposited within… more
Contract Series Paragraph 2
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George Clements ~ Greenville, SC Real Estate Paragraph 2 of the Contract For Sale deals is entitled "PRICE. " The paragraph looks something like this: 2. PRICE: The purchase price… more
Contract Series Paragraph 1
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George Clements ~ Greenville, SC Real Estate The first paragraph in the standard South Carolina Contract for Sale is "OFFER AND DESCRIPTION. " The paragraph looks something like this: 1. OFFER AND DESCRIPTION:… more