Tax Adjustments and Aggregate Escrow Adjustment - Please help me understand

[Greg Baker]

Evening,

I closed on my first investment property yesterday and I'm trying to calculate exactly how much all the upfront charges cost me.  I'm totally stuck here, it seems like I'm being double charged...

On my Closing Statement:

Above Gross total due to seller - 

County Tax Adjustment 682.61

School Tax Adjustment 476.12.  

I understand this, the seller had paid for the year, so I'm paying them back for 2/12-end of the tax year for each of these as I'm taking over ownership of their year's worth of payments.  

Also on my closing statement under Buyer's Expenses: Escrows 754.81. I go back to my HUD-1 and from line 1000-107 I see

Initial deposit in escrow 754.81

Homeowners [email protected]=165.68, property taxes [email protected]=193.44 and school tax [email protected]=1165.60, Aggregate adjustment -769.91

I don't understand.  I've already paid my insurance company for a year's worth of homeowners, and I've paid the seller for the remaining months on property/school.  How/why am I charged again?  Where exactly does this aggregate adjustment come from?  I must be missing something really simple here, please help me understand!

Thanks,

Greg