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Closing costs and taxes?????
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Dani00518
Gorgeous
Member since 5/05 2730 total posts
Name:
Danielle
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Closing costs and taxes?????
Ok so if I'm going to be closing around the end of september the beginning of Oct i will have to pay the seller for the taxes that he already paid.....so my question is.....is that in addition to my closing costs or do they include that when I get the good faith estimate. Can you tell me what isn't included in the good faith estimate. i'm starting to freak out a little about the closing costs.
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Posted 8/6/07 10:53 PM  |
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TJLealand3
LIF Adolescent
Member since 6/07 839 total posts
Name:
Thomas
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Re: Closing costs and taxes?????
Your lawyer will calculate the amount of days left in the year which have already been paid by the seller and you will reimburse them for those taxes. Don't stress.......
There is actually a tax which is for the second half which is paid in September (I think). Make sure that your lawyer knows which halfs are from when to when. if you were to close before the school tax was paid, the seller would owe you for the portion of the half in which they lived there.
If you have a good lawyer.........
You will be better thank OK......
Everything should be included in the estimate.
We actually left the closing with a check for 600.00
because we came with too much
Message edited 8/6/2007 11:06:05 PM.
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| Posted 8/6/07 11:04 PM |
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betty
My boys
Member since 5/05 4380 total posts
Name:
Beth
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Re: Closing costs and taxes?????
All of this stuff always confused me so I have no idea BUUUUT Fm me and tell me about the house!!!!
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| Posted 8/6/07 11:06 PM |
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Gertyrae
Peace out Homies!
Member since 5/05 20046 total posts
Name:
Gerty ®
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Re: Closing costs and taxes?????
Posted by TJLealand3
Your lawyer will calculate the amount of days left in the year which have already been paid by the seller and you will reimburse them for those taxes. Don't stress.......
There is actually a tax which is for the second half which is paid in September (I think). Make sure that your lawyer knows which halfs are from when to when. if you were to close before the school tax was paid, the seller would owe you for the portion of the half in which they lived there.
If you have a good lawyer.........
You will be better thank OK......
Everything should be included in the estimate.
We actually left the closing with a check for 600.00
because we came with too much
Exactly...Our house was 300K, we closed in September and our closing costs were $12K. Our lawyer told us closer to $15K so we were happy to walk out spending a lot less.
They will usually overestimate a little to give you a cushion.
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| Posted 8/7/07 12:16 AM |
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