You’d be wise to carefully track these yourself, keeping a record of all payments and communications, since your lender or their servicer could easily misapply your intended overage.

I have seen situations where tax payments have been misapplied as a result of an error by the payor, your bank, the Assessor as a result of an incorrect PIN No. or the Collector as a result of the PIN for the correct parcel.

Cap rate is an often misapplied metric and doesn't actually show your returns when it's all said and done because the cap rate calculation does not include debt service. 

My concern is that someone will read your post, believe to be dogma, and mis-apply your well-meaning guidance in another state. 

This is faulty reasoning in that it both assumes facts not in evidence and misapplies the scope of my duty under the judicially implied covenant of quiet enjoyment.Facts not in evidence -the true property owner appears and starts the process to evict myself and/or my tenant. 

@Bill GulleyI would argue that any number that can be expressed as a percentage is a ratio.My point is that the application of cap rate is often misapplied in its conventional sense of determining market prices based market cap rates, but this number is not unimportant when looking at two dissimilar properties because it accounts for expenses where GRM doesn't.If I'm looking at two very similar buildings on the same block, built the same year with the same square footage, but have different rents or prices,  I don't have to do much number crunching to determine the better value.  

It's possible that payments collected at settlement were misapplied to the multiple tax accounts or that the seller's payment in early 2020 was returned. 

The rules of thumb like the 2% rule serves a purpose, but people misapply them way too often and get hung up on whether or not they fit a deal.

It is clear you do not fully understand it so it would be easy to mis-apply it.

That's all you need and you actually do have more control than an invalid instrument misapplied by definition, providing covenants that are opposed to the type of agreement that require specific obligations. :).