How are property taxes adjusted on possession day in Saskatchewan?
This answer covers the law of Saskatchewan.
Property tax can be a point to settle between you and the other party, and how it is handled depends on your contract. How the tax is split between you and the other party depends on your contract and your situation, so it is worth confirming the terms of your offer to purchase with a lawyer.
Whether a repayment or credit is owed for tax already paid depends on your contract and your situation, so it is worth confirming with a lawyer. How tax that is still unpaid is handled also depends on your contract and your situation, so it is worth confirming with a lawyer. How days are counted and how estimated amounts are handled depend on the offer to purchase and the tax notice.
Check any tax amounts in your closing paperwork against your latest tax notice. In a standard Law Society offer-to-purchase template, each party pays their own lawyer, and the purchaser pays the Land Titles Registry fees to register the property and the purchaser's mortgage. A lawyer can confirm how your contract treats taxes.
Key takeaways
- How property tax is split between the seller and the buyer depends on your contract and your situation, so it is worth confirming the terms of your offer to purchase.
- Whether a credit is owed to the seller for tax already paid depends on your contract and your situation, so it is worth confirming with a lawyer.
- How unpaid tax is handled between the seller and the buyer depends on your contract and your situation, so it is worth confirming with a lawyer.
- In a standard Law Society offer-to-purchase template, each party pays their own lawyer, and the purchaser pays the Land Titles Registry fees.