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About buying a house HELP PLZ

When you're at closing and you pay on prorated taxes, does that pay for the next couple months? or is that back pay?

Answer Question

Asked by Anonymous at 7:53 PM on Apr. 1, 2009 in Money & Work

Answers (5)
  • You should get a tax credit from the sellers living there and they will prorate your taxes for the rest of the year.

    Answer by usmcvalle at 8:12 PM on Apr. 1, 2009

  • you will pay from the time escrow closes and if you have an impound they will put part of the money there too to pay for the year's taxes but read it carefully

    Answer by nanaevelyn at 1:42 AM on Apr. 2, 2009

  • Here we pay property tax in Dec and May for the up coming months. so when we closed in Feb, the previous owners had already paid for Jan thru May. We had to pay them back for Feb-May. We also had to pay them for the oil left in the tank. I think thoses were the only things we paid them. Then we had to pay the bank, the recording fees, the lawyers, PMI, etc. I hope that helps.

    Answer by Anonymous at 11:01 AM on Apr. 2, 2009

  • yes that info really does help! Thanks I get it now = ] I didn't realize they paid for future months (we haven't owned a home yet)

    Answer by Anonymous at 3:37 PM on Apr. 2, 2009

  • answer number 1 nailed it on the head. The current tenets have alreay paid the first couple months, so you will pay for the next.

    Answer by babymaddy at 11:01 PM on Apr. 2, 2009

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