The Houston Texas Acknowledgment for Proration of Ad Valor em Taxes is a legal document used in real estate transactions to acknowledge and prorate the payment of ad valor em taxes between the buyer and seller. Ad valor em taxes are property taxes that are based on the assessed value of the property. This acknowledgment is required in Houston, Texas, and is an important step in the closing process. It ensures that both parties understand their obligations regarding the payment of ad valor em taxes and helps to facilitate a smooth transfer of ownership. The Houston Texas Acknowledgment for Proration of Ad Valor em Taxes typically includes the following information: 1. Names of the buyer and seller: This section lists the full legal names of the buyer and seller involved in the property transaction. 2. Property description: The document includes a detailed description of the property being transferred, including the address, legal description, and parcel number. 3. Closing date: This section specifies the date on which the transfer of ownership will occur. 4. Proration period: The acknowledgment outlines the proration period for which the ad valor em taxes will be calculated. This period is usually from January 1st to the day before the closing date. 5. Tax amount: The document includes the amount of ad valor em taxes for the current tax year, as determined by the relevant taxing authorities. 6. Proration calculation: The acknowledgment provides the formula or method to calculate the prorated amount of ad valor em taxes that the buyer and seller will be responsible for paying, based on the closing date. 7. Payment of ad valor em taxes: This section outlines how the ad valor em taxes will be paid. It may specify that the taxes will be paid by the seller up to the closing date and the buyer will assume the responsibility for the remaining portion. Alternatively, it may state that both parties will contribute an equal share towards the taxes. Different types of Houston Texas Acknowledgment for Proration of Ad Valor em Taxes may include specific variations based on the nature of the transaction, such as residential, commercial, or vacant land. However, the general purpose and content of the acknowledgment remain the same. It is important to consult with a qualified real estate attorney or agent to ensure that the Houston Texas Acknowledgment for Proration of Ad Valor em Taxes is correctly completed and complies with all applicable regulations and requirements.
Houston Texas Acknowledgment for Proration of Ad Valorem Taxes
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