Taking a listing?March 5, 2017
CITY OF LOS ANGELES-ADDITIONAL COSTS!March 23, 2017
SECOND INSTALLMENT PROPERTY TAXES COMING DUE!!
DID YOU KNOW? The second installment of the 2016/17 property taxes is becoming delinquent on April 10, 2017. Do you know how to properly advise your client as to how this payment is handled could impact them and/or their final net proceeds when their escrow closes? The short answer is:—
- Ask your seller if their taxes are included with their monthly mortgage payments. If so, there isn’t any further action other than to advise them that the balance of their impound account will be returned to them directly by their mortgage company, post closing (good advice
- If your seller pays their own taxes, advise them to contact their escrow professional for exact instructions as to how this payment should be handled. We will be happy to provide them with specific instructions so that no funds will be held at closing. If the seller mails a personal check for this payment directly to the county, it could result in funds being held at closing pending that payment being posted.
Call or email your Pathway Escrow team for any assistance or questions that you may have! 661-705-8440