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Seller wants portion of tax refund back - Normal?

Started by sara_se
over 15 years ago
Posts: 18
Member since: Oct 2010
Discussion about
In the contract, seller indicates that "any refund of tax payments received by the Coop which is allocated and credited to the Unit, the credit for which accrued for any period prior to Closing, shall be apportioned between the parties pursuant to paragraph xx, regardless of the date on which such payment or credit is issued (whether prior or subsequent to the Closing Date). This paragraph shall survive Closing, for a period of one year from the Closing Date." Do it mean the seller is asking for their portion of tax refunds? To my knowledge, the tax refunds will not go into our pocket, but the coop charges special assessments and "eat them all up." Does it mean I have to pay cash from my own pocket to the seller?
Response by tenemental
over 15 years ago
Posts: 1282
Member since: Sep 2007

My attorney had this struck from my contract due the concerns you expressed. You should ask yours to clarify and possibly do the same.

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