Debits & Credits, Credits & Debits In the vast majority of real estate closings in Minnesota — 99.45%**, to be exact — the title companies doing the closing have to calculate a pro rata property tax adjustment between the Buyer and Seller That’s because in Minnesota, homeowners pay property taxes twice a year (May 15...Read More
I’m sure I’m not the only Buyer’s agent who fielded a call this Fall from a (mildly) annoyed client, wanting to know why Hennepin County sent them an invoice for 2nd half property taxes. Especially when they were sure their agent (OK, me) showed them on their closing worksheet (now called the “ALTA”) exactly where...Read More
But First . . . a Brief History Lesson I don’t know about other states ” I’m only licensed to sell real estate in Minnesota ” but here, residential property taxes are due twice a year: May 15 and October 15. Those non-randomly chosen dates stretch back to when Minnesota’s economy ” like practically every...Read More
What Can Ruffle a Veteran Realtor Just Before Closing Thankfully, the list of things that can rattle a seasoned agent (OK, me) just before closing is mercifully short. Assuming the Buyer can perform financially, and any final walk-thru inspection issues have been addressed . . . there’s not much left. Don’t Panic . . . Yet...Read More
“The More Things Change” Department Once upon a time, when I started selling real estate in 2002, the worksheet that Buyers and Sellers signed at closing was simply known as . . . the settlement statement (or just the closing worksheet, to avoid any jargon). Then it became the “HUD-1” (HUD stands for “Housing and Urban Development,” the federal...Read More
Buyer’s Agent Pre-Closing Freakout, or “The 30 Minute Home Warranty Policy” What do you do as a Buyer’s agent (OK, me) when — proofing the closing worksheet just before closing** — you catch that the Purchase Agreement includes a Seller-paid home warranty from HSA . . . and you can’t confirm that one’s been ordered?...Read More
