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Buying or Selling a Home/Property Tax - NYC
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Question
Hi,
I'm currently in the process of buying a one family house in NYC and I'm awaiting a closing date. My questions are: If I'm buying the house in April, who's responsible for the property tax for the first quarter (Jan-Mar)? And what happens if the seller didn't pay? What happens if she did?
FOLLOW-UP--
I apologize on behalf of AllExperts.com for the lack of timely response! You may realize that you didn't send your inquiry to me--apparently whoever you sent it to was ill, on vacation, or something, as I found your inquiry in our QUESTION POOL and saw that it had not been answered promptly! I hope that although the Closing had already occurred when you received my response, that everything was "in order!" I pride myself on timely, accurate and helpful responses to those people who send inquiries to me. Please contact ME the next time! Enjoy your new home, Toney!--JIM ROOT
ORIGINAL--
Hey TONEY--
Property Taxes are typically pro-rated by the Closing Agent(either Attorney, Title Company or Escrow Agency Closing Officers).
By "pro-rated," I mean that the Seller will be responsible for taxes up to the date of your Closing and you will be responsible for taxes from that date on. The Closer will figure out who owes what & if the Seller owes, it will be taken from his/her proceeds of the sale. If proceeds aren't sufficient, the Seller brings "cash to closing" for this! Your Loan Officer should have given you a Good faith Estimate and that shows how much YOU will be putting into the "Escrow Account" to pay future property taxes (and homeowners insurance).
When the Closer takes care of this, the Seller pays if appropriate. If somehow the Seller has already paid for "your share," s/he will get a refund! The money refunded can come out of your "Escrow Account" if it is for a time period after you became homeowner!
Check with your Loan Officer and the Closing Agent for specific details YOUR tax payment situation--and to make sure that it's handled at Closing!
GOOD LUCK!
--JIM
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| Rating(1-10) | Knowledgeability = 10 | Clarity of Response = 10 | Politeness = 10 |
| Comment | Jim's was correct and very polite. Unfortunately, the question was answered after the closing. But thank you Jim. | ||
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Jim Root
Expertise
How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!
Experience
Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!
Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).
Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.
Education/Credentials
Associate Degree in Real Estate Studies plus:
Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years.
Bachelors Degree in Mass Communications,
Masters Degree in Education/Teaching
Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.
Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!
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