Fort Wayne LISTINGS

CLOSING ON YOUR NEW HOME

We hope this has been a fast and easy process for you so far. As a courtesy, we have compiled some common questions as we get near the closing table to get ready to close on your new home.

Q:  HOW MUCH IS SELLERS SHARE OF CLOSING COSTS?

Here are the estimated Seller’s costs of closing:

Document Prep….100.00
Survey Credit…….250.00
Closing……………….80.00
Attorney Fees……..50.00
Recording fees……45.00
Mortgage Release…0
Taxes proration…..see below

 

Here are the estimated Buyer’s costs of closing:

Document Prep….100.00
Title Insurance…..352.00
Closing……………….80.00
Attorney Fees……..50.00
Recording fees……45.00
Mortgage Release…0
Taxes proration…..see below

 

UNDERSTANDING PROPERTY TAX PRORATIONS

Prorating property taxes can be a complex subject, and costly if not done accurately. That is why I rely on the experts on my team at the Title Company. To help you understand
Indiana property taxes prorations here is a quick summary.

Indiana property taxes are paid in arrears. This means that when property taxes were due in May and November of THIS YEAR, you were actually paying for when you lived on that property in LAST YEAR.

Property tax prorations include any unpaid taxes for the previous year plus the prorated amount for the current year. Taxes are typically paid to the County Treasurer on May 10th and November 10th.

You will see the tax proration as a line item on the settlement sheet when we close. The seller of the property pays taxes from New Year’s Day until the date of the transfer. The buyer assumes responsibility for payment from the transfer date going forward.

 

PRORATED TAXES EXPLAINED IN 90 SECONDS

 

What to Calculate Your Prorated Tax Amount?
Here is a Prorated Tax Calculator and another one here free for use.

 

FOR ANYTHING ELSE

Feel free to contact us for any question, no matter how small.

Best Regards,
Scott
Fort Wayne Listings™