closing costs and taxes.....

Dani00518 Posted: Mar 13, 2005 05:15 PM

closing costs and taxes.....

I read on an earliar post that your closing costs include your taxes. Your taxes for the first few months of the year? I'm confused.

LisaT Posted: Mar 13, 2005 05:49 PM

Re: closing costs and taxes.....

part of the closing costs includes property taxes that the seller has already paid for the year. Depending on when you close, it could be more or less.

For ex: we moved in at the end of Sept. The seller had already paid the property taxes for 2004, so we had to reimburse him for Oct, Nov & Dec.

Dani00518 Posted: Mar 13, 2005 05:54 PM

Re: closing costs and taxes.....

Posted by LisaT

part of the closing costs includes property taxes that the seller has already paid for the year. Depending on when you close, it could be more or less.

For ex: we moved in at the end of Sept. The seller had already paid the property taxes for 2004, so we had to reimburse him for Oct, Nov & Dec.

Oh ok....now i understand. Thank you!

thiadora Posted: Mar 13, 2005 07:24 PM

Re: closing costs and taxes.....

If the next period's taxes will be due within the next 3-4 months after the closing date, the bank will also have the title company pick up for them and pay them.