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🔴Disclaimer: This video is provided for general information purposes only and does not constitute legal, insurance, or other professional advice. You are advised to contact a lawyer regarding any specific legal issues.

Monthly Payments
In some cases, the Seller, will be enrolled in the monthly property tax payment plan which they will cancel upon the sale of the property.

The closing adjustment will take into account the Seller’s share of the property tax and the amount paid by the Seller to date for the current year. This will usually result in a small adjustment in favor of the Seller or Buyer.

The Buyer will then be responsible for paying the balance of property tax due for the year. If the closing is after June 30, the balance will be due immediately on closing. Once the monthly tax payments are cancelled and if it is after the annual due date of June 30, then the balance is due immediately. In some cases, the Buyer is able to continue with the monthly property tax payments.

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GIARDINO LAW
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Edmonton, AB T5J 1A1
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