Since we’re always looking to help answer the most common home buyer and mortgage financing questions you may be searching for pertaining to buying a home here in the East Bay Area…
Today we want to talk about
What is Property Tax Proration?
When people buy and sell real estate, buyers and sellers must pay several costs before transferring the property to a new owner, called closing costs.
Within these closing costs, buyers and sellers need to negotiate the proration. There are many types of proration, including property taxes, insurance premiums, interest, rental income, and so on. Property tax proration is a way to split…
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To get a truly accurate idea of how your property taxes and or HOA fees will be prorated you must
- Have the contract and prorations agreed upon
- Have escrow or Title work up a closing estimate based upon the negotiated proations.
Hopefully this has been a tad helpful for you to understand just how property taxes can be prorated when you are buying your home.
If you have any questions related to your specific situation…
We’re READY to help
Call or text 925-285-2172
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