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All Forum Posts by: Colin McGowan

Colin McGowan has started 1 posts and replied 4 times.

Buying & Selling Real Estate

Post: Property Taxes at Closing

Colin McGowanPosted
  • Amsterdam, NY
  • Posts 4
  • Votes 0

Makes sense, thank you for the info!

0 Votes
Buying & Selling Real Estate

Post: Property Taxes at Closing

Colin McGowanPosted
  • Amsterdam, NY
  • Posts 4
  • Votes 0

Jason, do lenders allow these taxes to be included in the mortgage loan?

0 Votes
Buying & Selling Real Estate

Post: Property Taxes at Closing

Colin McGowanPosted
  • Amsterdam, NY
  • Posts 4
  • Votes 0
Originally posted by @Jason D.:
It usually depends on how property taxes are collected by the city/town. The seller will be credited for any overpayment and you will pay whatever is due to the city to keep the taxes current. From there, taxes are paid with your mortgage and kept in escrow until due.

Is it common to waive the escrow amount if you're putting down 20-25%? This is something I've heard, just not sure how accurate/common.

0 Votes
Buying & Selling Real Estate

Post: Property Taxes at Closing

Colin McGowanPosted
  • Amsterdam, NY
  • Posts 4
  • Votes 0

Is anyone familiar with whether or not the remaining annual property taxes have to be paid upfront (essentially cash) at the closing or if they can be rolled into the monthly mortgage payment? Thank you in advance for anyone who can help!

0 Votes