Krystal Cordovano: Property taxes: You are required to pay taxes in a lump sum. However, most mortgage companies will create a monthly budget mortgage payment that includes the loan plus taxes, home owners, and any other costs that must be paid to protect their investment. The money is placed in an escrow account, and paid when those items are due, in a lump sum. Paying your agent: In most cases, the buyer's commission is paid by the seller. This is not mandatory, only traditional. It is a throwback to the days when there were no buyers' agents, only cooperating brokers. A seller can refuse to pay the commission. In that case, you would have to pay the commission at closing....Show more
Janean Guz: County property taxes are govern by the county in which the property is located. In most counties property taxes are collected semi-annually and are due to be paid in November and April. there might be different months in other counties. You would need to find out when yo! ur property taxes would be due by calling your county assessors office.In paying your property taxes would depend on the type mortgage you would receive. All government mortgage loans, VA,FHA,and USDA require the mortgage lender to establish what is called an escrow impound account. In this escrow account you would be required to pay, in addition to your principal and interest payment, your insurance and taxes. Insurance is a annual payment. These payments would be spread over the year in equal monthly payments.Ina conventional mortgage loan, if you pay more 20% down or more on your property purchase, your mortgage lender might give you an option as to collecting your insurance and taxes through an escrow account or you may pay the taxes and insurance yourself when these two debts are due.You would need to consult with your mortgage loan officer to find out if you are able to pay the two debts yourself or you would be required to establish an escrow account through your mor! tgage lender for the payment of your taxes and insurance.Norma! lly the seller of the property would make a contract with a real estate agent to sell their house. In this contract the seller would agree to pay the real estate agent a percentage of the sale price and would be responsible for the paying of the commission.In the purchase of you buying a house, normally you would sign an agreement with a real estate agent, who would assist you in find a house you would be happy with. Your real estate would normally share the commission agreed upon between the seller and their real estate agent. Normally the two real estate agents would split this commission on a 50/50 basis, unless the signed agreement between the seller and their agent indicate a different split. This split would be listed in the Multiple Listing Services (MLS), therefore your real estate agent would know in advance how much she/he would be getting. Prior to contacting a real estate agent you would need to be pre-approved by a local mortgage lender. This pre-approval w! ould give you the amount a mortgage lender would be willing to lend you to purchase your house. I hope this has been of some benefit to you, good luck.'FIGHT ON"...Show more
Barton Slisz: Real estate taxes in my area are due semi-annually. The mortgage company adds about 1/12 of annual amount due to the payment. That goes into an impound escrow account, and when the taxes for the home are due the mortgage company pays the county.The agent's commission comes from the proceeds of the sale of the house. You won't pay more than you agreed in the sales contract; the money comes from what the seller would receive. So, technically, the seller is paying the agent....Show more
Alane Antes: Property taxes work differently in different states. In Texas they are billed in October and must be paid before the following January 31st. Most people pay them before December 31st so they can deduct them on their income tax return. The majority of home owners owe money on a! mortgage- and the majority of those people have an escrow account with! their mortgage. If you have one of those them the mortgage company will collect 1/12 of your expected yearly property tax and 1/12 of your expected yearly homeowners insurance bill along with each mortgage payment. Then they will pay those bills on your behalf when they come due.Almost 100% of the time the seller has agreed to pay a commission to his agent at the closing of the sale- the buyer's agent is usually paid out of that commission so the buyer does not have to pay anything extra out of their pocket....Show more
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