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snowflake08
Love my boys!!!
Member since 8/07 5148 total posts
Name:
Laura
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Question about closing costs.....
We are closing on Monday and I got a call from my atty's office today to give me the breakdown of the checks we need. I missed the call, so she emailed me the breakdown.
One of the certified checks we have to get is a large sum and supposed to be made out to US Treasury.
I tried calling them back to find out what the breakdown was for; what each check is for, but they were gone already. I can call Monday morning but I was curious if anyone else had this.
TIA
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Posted 12/11/09 7:26 PM  |
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Prudential Douglas Elliman Real Estate
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Question about closing costs.....
Your numbers will be specific to your transaction. There is no common amount that gets paid at closing.
I would call Monday morning and get the numbers from your atty.
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| Posted 12/12/09 2:12 AM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
Name:
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Re: Question about closing costs.....
Like the PP said it will be different for everyone. We had no bankclosing costs, but then you need to factor in taxes and other monies owed to the seller.
I guess we were lucky. We just needed one check and then the bank cut all the individual checks for us.
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| Posted 12/12/09 7:34 AM |
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Cpt2007
A new love!
Member since 1/08 5946 total posts
Name:
Liz
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Re: Question about closing costs.....
Posted by CAMCaps
Like the PP said it will be different for everyone. We had no bankclosing costs, but then you need to factor in taxes and other monies owed to the seller.
I guess we were lucky. We just needed one check and then the bank cut all the individual checks for us.
same for us.
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| Posted 12/12/09 7:35 AM |
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snowflake08
Love my boys!!!
Member since 8/07 5148 total posts
Name:
Laura
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Re: Question about closing costs.....
Thanks, I appreciate it.
I have the breakdown of the checks, but i just have questions as to why they are what they are
thanks again
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| Posted 12/12/09 9:51 AM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: Question about closing costs.....
basically its to who money is owed to. For us we were going to be made to make checks out to the IRS/NYS TAXES but the sellers decided that they would write the checks out themselves to make things easier for us.
Maybe the US treasury is for back taxes/property leans that were backed by us funds? maybe it was a vet loan originally? Not sure.
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| Posted 12/12/09 11:11 AM |
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snowflake08
Love my boys!!!
Member since 8/07 5148 total posts
Name:
Laura
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Re: Question about closing costs.....
Posted by Nifheim
basically its to who money is owed to. For us we were going to be made to make checks out to the IRS/NYS TAXES but the sellers decided that they would write the checks out themselves to make things easier for us.
Maybe the US treasury is for back taxes/property leans that were backed by us funds? maybe it was a vet loan originally? Not sure.
See that is the thing, my attorney knows that we were adament about NOT paying their back taxes so Im confused
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| Posted 12/12/09 11:40 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Question about closing costs.....
Posted by snowflake08
Posted by Nifheim
basically its to who money is owed to. For us we were going to be made to make checks out to the IRS/NYS TAXES but the sellers decided that they would write the checks out themselves to make things easier for us.
Maybe the US treasury is for back taxes/property leans that were backed by us funds? maybe it was a vet loan originally? Not sure.
See that is the thing, my attorney knows that we were adament about NOT paying their back taxes so Im confused
If your attorney says you aren't paying for the back taxes then you won't be.
But even if you aren't paying for the back taxes, it's likely one of the checks you are drafting will go to the IRS because the IRS won't allow the sale to go through unless they get their money. If the seller is really paying for the back taxes, that money you are paying will just come out of their net proceeds.
Standard procedure.
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| Posted 12/12/09 5:13 PM |
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