From Buyers and Sellers

What is this prorated tax payment?

In Ohio, taxes are paid one year in arrears, meaning the payment is owed from the previous period. The buyer is going to be getting a bill for time the seller owned the property, so for instance taxes due on January 20, 2016 were really for the first half of 2015.

From Real Estate Agents

Why am I paying taxes twice?

You aren't paying taxes twice. You're giving a credit (tax proration) to the buyer because he or she will be getting the bill for the time the seller owned the property.

My dues are current, why do I have to pay the homeowner association to provide information to TransCounty?

We need to get the information from the property management company. Sometimes it uses a third party vendor to provide this info. The Association and the vendor collect the fees, not TransCounty. It also needs to update its system with new buyer information. Please refer to section 8.4 of the Standard Certified Buyer Representative contract.

From Sellers

Why am I paying for the Owner's Policy?

The seller paying for the Owner's Policy is part of the Standard Certified Buyer Representative contract. Please refer to Section 7. Only drawing up an addendum or counter and getting it signed by all parties will remove this requirement. That's why it's important to review the contract before signing it.