I am making an offer using the purchase contract that I got from the reference library and I have two questions about it. First, is about real estate taxes. The last assessed value is about $400K. If I end up buying this park the taxes are going to go up by about $30K, if the new assessed value is anywhere near the purchase price, around $1.5mil. I did some research and looked at other contracts and changed it to read:
The amount of any general real estate taxes not then ascertainable, if any, shall be adjusted on the basis of 105% of the most recent ascertainable general real estate taxes and subsequent readjustment thereof.
Has anyone else ran into this and if so how do you handle it? I am going to have an attorney look at it but right now its saturday and I was hoping to figure this out first.
Second. In the contract it says that if the seller can’t provide a survey then the purchaser can get one at the purchaser’s expense. I was told there are two different surveys, a ILC and a “Pin survey” and this may be fairly expensive for a “full pin survey”. Its about 6 acres. So does anyone know a ballpark price for a full survey?