CONSULT WITH AN ACCOUNTANT
The Number one consideration before signing any real estate contract is understanding that certain financial information from the closing will be reported to the IRS. After closing is not the time to discuss capital gains and other tax related issues with your accountant.
A transaction as large as a real estate sale deserves a conversation with your accountant first. In many instances the closing will not raise a tax issue, but for others it can greatly affect the bottom line. Talk to your accountant right away to avoid a not so happy surprise taxable event.
There are other tax related issues and charges that need to be taken into consideration as a buyer and seller including tax prorations, transfer stamps and municipal charges for complying with their zoning, inspection and water requirements, as applicable. Your Lawyer will go over all this with you to ensure a smooth closing.
