Tag

property tax

Pro Rata Property Taxes and End of Year Closings

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 Minnesota homeowners pay property taxes twice a year (May 15 and...
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Pro Rata Property Taxes and End of Year Closings

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 Minnesota homeowners pay property taxes twice a year (May 15 and October...
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Pro Rata Property Taxes and End of June Closings (December, Too)

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...
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Pro Rata Property Taxes and End of June Closings (December, Too)

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...
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Home Closing Costs Terminology: “Impounds” vs. “Pre-Paid’s”

What’s in a Word? “Imˈ- pound”:  seize and take legal custody of something — especially a vehicle, goods, or documents — because of an infringement of a law or regulation. –Dictionary definition Once upon a time, the fees that lenders collected in advance from home buyers for such things as property taxes and home insurance...
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2016 Minneapolis Property Taxes Are Going Up (a LOT). Do Sellers Need to Tell Buyers?

Sticker Shock (& Disclosure Question) [Editor’s Note:  The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced.  If you need legal advice, please consult an attorney.] At least some Minneapolis homeowners are suffering sticker shock in the wake of receiving notices from...
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