Twice a year at real estate tax time, we get calls from a few buyers who forget that the taxes are pro- rated at closing. It goes like this: Taxes are a year behind so the amount of tax money that the seller owes is credited from the seller to the buyer so the buyer pays the tax bill. I admit it is confusing and how it works is explained at closing until they say they understand. ... but when that tax bill arrives, they have forgotten it seems. They call us and we explain it again... the typical reply is OH! I guess I forgot or similar. Considering the number of closings we do, most buyers must remember how it works - thank goodness!
Posted on: Tue, 09 Jul 2013 01:54:04 +0000