Wisconsin Elective Course #2 explains how property taxes, special assessments, and other expenses are prorated at closing. The course reviews the Closing Prorations and Special Assessments sections of the Wisconsin Offer to Purchase so licensees understand how these costs are fairly divided between buyers and sellers.
Topics covered in this course include:
- How real estate taxes are prorated between the buyer and seller.
- The four methods available for calculating tax prorations.
- When buyers and sellers may agree to re-prorate taxes after the actual tax bill is issued.
- Public and private special assessments, including HOA and condominium assessments.
- Who is responsible for paying special assessments under the Wisconsin Offer to Purchase.
- Other common prorations, including rents, prepaid insurance, fuel, and homeowners’ association fees.
Understanding tax prorations and special assessments helps Wisconsin real estate licensees prepare accurate offers, avoid closing disputes, and explain these important costs to buyers and sellers.
Our Wisconsin-approved 18-hour Continuing Education package includes Elective Course #2 along with all 12 mandatory courses and all 6 required elective courses—everything you need to satisfy your CE requirements for the current biennium.
CLICK HERE to learn more about our Wisconsin CE courses!
Related Questions
Here are a few other questions Wisconsin real estate licensees often ask:
- How are Wisconsin property taxes prorated at closing?
- What is a special assessment in Wisconsin real estate?
- Who pays a special assessment at closing?
- What expenses are prorated in a Wisconsin real estate transaction?
- What is the difference between an HOA assessment and a special assessment?
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