Chicago Title NCS Chicago: SYFCREC 2021

Surviving Your First Commercial Real Estate Closing I National Transactions o When due (calendar year vs. fiscal year) o What due (current year vs. paid in arrears) o Paid to whom? o Types of RE taxes o Discounts, interest, and penalties – the good, the bad, and the ugly o Special consideration – property taxes Real estate taxes are typically assessed and collected at the County level but be mindful that due dates and the existence of special assessments can vary by County (and sometimes City) as well. Furthermore, certain jurisdictions also require municipal lien searches to determine whether there are open charges/liens for municipal services like water/sewer usage and garbage pickup. Lead time for these searches can be days or even weeks, so if your deal is on a fast-track, please let your national underwriter know ASAP so they can get the necessary searches ordered well in advance. Real Estate Taxes 13 Surviving Your First Commercial Real Estate Closing I National Transactions National & Local Transactions 13 14 200