A Bite-Sized Guide to Tax Searches

Accurate and up-to-date tax certificates are a vital part of any real estate transaction. Errors in these reports can cause significant losses, both financial and reputational. Read on for more info on what a tax certificate includes as well as why you should partner with TEG for your tax search needs.

What is included in a tax search?

This search includes vital info. It includes:

  • A legal description of the parcel
  • The current assessed value
  • The municipal address
  • The year the structure was erected
  • The sum of property tax owed
  • The yearly local development fees
  • The existing tax account balance

Once the search has been completed and analyzed, a tax certification is issued. On a tax certificate, you find the amount of property taxes collected over the year and the proportion of outstanding taxes. Additionally, the tax certificate has the total amount of tax arrears listed, if any.

In addition, it includes the municipal address of the estate, its legal description, and, if necessary, the information regarding the monthly charge for the estate.

In this piece, we highlight tax search in a real estate transaction and how we at Einfach Group (TEG) can help you ensure accurate and timely tax reports.

Why are tax searches in a real estate transaction important?

A tax search in a real estate transaction is important, first and foremost, to help you remain compliant as well as ensure no liens are encumbered on the subject property. Late tax payments can result in surprise liens and judgments which can mean costly title claims.

Additionally, errors made on tax certifications can equate to errors on the Closing Disclosure. Improperly calculating taxes owed as well as escrow account requirements can pose a significant threat to your reputation and operating account. Inaccurate tax reports cause a trickle-down effect and the impacts can often be long-term. You need a provider you can trust to deliver a quality product backed by years of industry experience and knowledge.

How Einfach Group (TEG) can help

We are here to make your tax search in real estate transactions simple. We work hard to provide effective and high-quality service. We provide end-to-end goods and services as a one-stop shop to meet your business procedure outsourcing needs. We carry out everything, from extensive curative solutions to search and scorecards.

We can meet your needs if you want full-service choices or a la carte services in tax searches. Contact us today! We are efficient, affordable, and fast.