Real Estate Law
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Just for clarification purposes, you said: I will get a credit at closing for the taxes that I will pay for the byuer... Don't you mean pay for the seller?
With regard to your questions, 1) tax prorations are done by the computer not individuals, so it depends on how the computer is programmed. I would have multiplied the half-year taxes by two and divided by 365 to set the per diem rate; 2) it should be the exact number of days, and it is calculated through the date of closing. But again, I don't know how the computer was programmed; 3) if it is actually no that the increase will take place, then it should be figured into the pro-ration. You can bring these things to the attention of the escrow/title agent who was closing. You must be careful because causing changes in the closing figures at the last minute, may (under new federal rules) cause a postponement of the closing for new notices to be sent to the parties.
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Sorry for the delay. I've had computer problems all afternoon. I do not believe the California law plays a part any longer. The TILA-RESPA Integrated Disclosure (TRID) rules took effect October 3, 2015, introducing new disclosure forms, calculations, concepts, and requirements for all mortgage transactions. My understanding is that the closing numbers are now the responsibility of the lenders, not the title companies. I do not know that there is any local control over computation of tax proration. I doubt that there is, because everything regarding mortgage lending has now been taken over by the federal government. Local real estate industry has been completely removed due to lack of trust in individual Americans to perform anything in a trustworthy and legal fashion. It appears that we are headed for the day when all residential real estate closings will be conducted by a federal government official. You will have to check with your own lender and title company closers on that aspect. I would be very surprised if HUD has not handed down very precise instructions on how tax prorations are to be computed. Good luck getting through the closing on the 29th. Let me know how it goes.
Okay. Since I believe that you are searching for something that probably doesn't exist I'll step out.
Hello and thank you for the opportunity to assist you. My name is TJ. The other attorney opted out, so I will try to help if you still need it. I believe that I can explain the situation to you. Please let me know.