|
How do I find out if I will need to pay taxes at closing?!
| Posted By |
Message |
happytobreathe
The Lazy Days of Summer
Member since 10/06 1413 total posts
Name:
|
How do I find out if I will need to pay taxes at closing?!
Who is supposed to tell me about the whole taxes situation? Is it the mortgage company or my lawyer? How do I figure out how much it will be? I do not want a surprise!
|
Posted 11/28/09 11:33 AM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
HotAir
LIF Toddler
Member since 8/09 391 total posts
Name:
Lisa
|
Re: How do I find out if I will need to pay taxes at closing?!
Your bank will give you a good faith estimate that will include taxes. Then, the day before closing your attorney will give you the specifics on what checks you have to bring.
From what I hear it is common to pay 6-7 months of taxes at closing.
|
| Posted 11/28/09 11:46 AM |
| |
|
JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
|
Re: How do I find out if I will need to pay taxes at closing?!
If you are escrowing your taxes you will have to probably pay about 6 months, and you might have to pay back the sellers for any taxes they have pre paid.
|
| Posted 11/28/09 11:56 AM |
| |
|
happytobreathe
The Lazy Days of Summer
Member since 10/06 1413 total posts
Name:
|
Re: How do I find out if I will need to pay taxes at closing?!
Thanks ladies! How do I find out if we are escrowing taxes or how much we owe?
|
| Posted 11/28/09 1:46 PM |
| |
|
Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
|
Re: How do I find out if I will need to pay taxes at closing?!
if your closing soon then your going to have to pay back the sellers December and/or the first six months of taxes due. I think your buying in the Town of Babylon so you can call the tax asessment office and ask them how much the taxes are WITH OUT any exemptions and how much is due this billing cycle and you will then know. Divide that number then by six and you will get the amount you owe the sellers for December.
The Good Faith is really a good guess but factor in more - you do not get the real numbers until everything is clear and your lawyer will give you those numbers the day before closing.
|
| Posted 11/28/09 9:14 PM |
| |
|
babycakes18
LIF Adult
Member since 4/09 1281 total posts
Name:
Dani
|
Re: How do I find out if I will need to pay taxes at closing?!
If you are escrowing for taxes....your mortgage company will calculate how much they want in escrow up front (at closing), you will also have to reimburse your Seller's for some taxes or they will have to reimburse you for taxes you will be paying. Your attorney will calculate all of this. If there are taxes due within 60 days from your closing date...these taxes will be picked up from you by the title company.
|
| Posted 11/28/09 10:49 PM |
| |
|
Potentially Related Topics:
Currently 558577 users on the LIFamilies.com Chat
|
