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PROPERTY TAXES AND ESCROW

By Suzette Sullivan

Real Estate Agent with First Team SnS Real Estate

March 31, 2007 01:55 PM

ATTENTION: Property owners, be aware the second installment for property taxes is due on 4/10/07. However, any one selling a home and in Escrow, please note, have the Escrow Company pay the taxes through escrow. Have your real estate agent contact the escrow company on your behalf. Failure to do this could cause the Title Company to withhold the tax payment and pay it in order to close and record. In effect making a double payment, of which you would get the amount of the second payment back from the Treasurer-Tax Collectors office in due time.

So to avoid this complication and tie up your money, my suggestion would be to coordinate paying property taxes through your Escrow Company.

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Luisa , Orellana

Greater LA Escrow - Los Angeles, CA

Greater LA Escrow

Suzette,

Great advice! I just posted a blog regarding property taxes while in escrow. Good to know someone in the real estate agent aspect of it, is advising correctly. I get most principals in escrow, stating their agent told them to pay their taxes while in escrow. It just makes it so much more complicated that way.

You can pass along the information if you wish. Its located in my blog section.

Best Regards,

- LO

Apr 03, 2007 06:16 AM

Laura Weber

S&S Mortgage Co. Inc. - Brea, CA

Great comment. It was said at a brainstorming meeting I attended earlier this week, that someone was not a professional unless they were curretly contacting their clients at tax time with the very information you provided in your comment here. Bravo.

We run into this issue alot at this time of year. Not only with purchases, but with refi's, especially when the county is slow in posting and they end up paying double and not getting the refund for 3 months. Excellent advice.

The other issue is a new buyer needing to pay a prorated portion of the newly purchased tax bill. This can have a huge affect on their closing costs, and become a problem if they have not prepared for it.

Apr 12, 2007 01:01 PM

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Suzette Sullivan

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