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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote]
If I'm paying someone $200/hour, they better have a lot more letters after their name than "B.A."[/quote]

As a teacher with an advanced degree (who makes less than half of that), I cannot pay someone with a high school diploma (which is what many of them have) $200 an hour. I don't think it's rocket science to get the RE licensure. 
[/quote]

It’s harder than you think and actually involves a lot of[b] weird math[/b] [/quote]

Provide examples.[/quote]

Sure. Try the 50-question practice exam here:  https://realestatelicensewizard.com/real-estate-math/

Be sure to post your score.

[/quote]

Yikes. Lmao how do I take this seriously?

Question 42: Jon buys a property and closes on March 1st. The seller prepaid the properties annual taxes of $6,000 for the year. How much does Jon owe the seller in real estate taxes?

A. $1,000.00
B. $3,000.00
C. $4,000.00
D. $5,000.00
[/quote]

Well in Arlington VA the tax rate is not set until April, so there could be additional taxes due from the seller who paid the tax based on the old rate.  Did Jon’s buyer agent add a provision to the contract making the seller  reimburse the buyer for the higher taxes due between Jan 1 and March 1. [/quote]

Yeah and none of this is done by the agent. The title company obviously handles prepaids and prorations, they do it all the time. You don't need a special provision in the contract. By definition you get reimbursed for any taxes paid up to the closing date. If the rate changes that is fine, the title company does it on a daily rate.

Y'all seriously need to try harder with your dumb hypotheticals.[/quote]

I'm not an agent but put that provision into the contract for a new home.  When we closed, the builder only had to pay his share of the taxes based on the house's assessment as a tear down.   When the property was re-assessed with the new house on it, the taxes increased substantially and the builder had to pay us for the extra taxes he owed.  I put the provision into our contract because friends who had bought new houses were stuck for paying the extra tax owed by their builders.

Just trying to help people like "Y'all."  [/quote]

You wouldn't need that in the contract. If you get a retroactive tax bill from before you owned the property, by definition it's the obligation of the previous owner. You could have just sent the bill to the builder, no matter if you had that provision in the contract or not.[/quote]

Can you let me know where that provision was located in our builder's contract?
[/quote]

It's not needed because it's a basic concept of any property transfer. Any charges related to before you took ownership remain the obligation of the previous owner. With or without that clause, you would get the bill from the tax agency, do the calculations of what was owed related to the previous ownership period, and send the bill to the builder.[/quote]

To be clear- you would have to pay the taxes first to remain free of any liens. But the builder would still owe for their previous portion. And also, this is a VERY unusual situation. I work in real estate and have never heard of taxes being retroactively adjusted like this unless there was an error by the taxing authority in the wrong direction, and they reduced it upon appeal. The basics of any sale of the title company managing prepaids and pro ratas works fine 99.9% of the time. It's what allows them to issue title insurance.[/quote]

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