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Title Tip-Property Taxes Due at Closing

 
Just a little helpful title tip...
 
The local taxing authorities have begun sending out the 2011 property tax bills.  When closing a deal involving a loan on the property, the lender making the new loan will require all property taxes to be collected and paid at the time of closing. 
 
Typically these taxes can be paid one of two ways:  
    1) Property taxes can be withheld from the owner’s funds at the
         time of closing
                                                            OR
    2) Funds can be disbursed from the existing owner’s escrow
        account currently set up to service the property. Occasionally,
        there may be a delay from the time the existing Lender disburses
        the funds from the existing escrow account to the point at which
        taxes can be verified as "paid" by the taxing authority.  If the title
        company is unable to obtain a tax certificate from the tax service
       confirming that taxes are paid in full at the time of closing, then
       we will be required to collect these taxes from the seller at closing. 
 
Paid receipts from the property tax office, escrow account disbursement statements or letters from the existing lender confirming the payment of taxes from the escrow account will not be adequate proof of payment.  We must have a Tax Certificate which indicates that taxes have been "Paid" prior to closing. 
 
We know that this can be a very confusing issue. Please feel free to contact us with any questions you may have.
 
Temple  773-7750      Salado  947-8480     Harker Heights  699-1102

2 Comments to Title Tip-Property Taxes Due at Closing:

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First Texas Brokerage on Thursday, September 15, 2011 10:01 AM
Great Tips and reminders!! Thank you ladies!!
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Krissy Whittington on Thursday, September 15, 2011 10:12 AM
Thanks for the comment!
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