FULTON COUNTY TAXES ARE OUT!
Fulton County property tax bills have been mailed to some properties, and the rest will be coming out by October 15th. The due dates for 2009 have been extended to 11/30 for City of Atlanta and 12/15 for Fulton County.
If you are closing a property in Fulton County, it will help both buyers and sellers if you make sure that the Fulton County taxes are paid at closing. This may require an update to short-sale HUD’s and REO HUD’s that have already been prepared and/or approved.
Do not assume that the buyer’s new lender will pay these bills, because the due dates are much later than usual, and the lender expects the bills to be paid already.
The bills from Fulton County are all marked as “temporary”, which gives the Tax Commissioner the right to issue supplemental bills later on. Therefore, the title insurance issued to the new buyer and lender will still contain an exception for 2009 taxes.
Keep in mind that most short sale sellers will be uncooperative and/or unavailable when the supplemental bills come out, and REO sellers do not assume any liability for taxes that come out after the closing.
Make sure that your buyer understands this and assumes the responsibility for paying any supplemental bill.
Information presented courtesy of Leigh Clack, Attorney
Neel & Robinson, Attorneys at Law LLC
22 Lenox Pointe, Atlanta, GA 30324
404-705-3690 fax 404-705-3697