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TAXES

Most lenders require you to escrow your property tax: school tax, county tax, local tax. This is to ensure that your taxes will be paid and the lender won't lose their collateral to a tax auction such as a sheriff sale.
 

 
 

 

 
 

At closing most lenders will require you to pay the seller back money that he or she has already paid for the year. The lender may also require 2 months of estimated taxes (2/12) at settlement and will escrow 1/12 every month of your estimated annual tax. These funds are usually collected monthly as part of the regular payment and held in escrow until the taxes are due.

 
 
 
 
       

 

 

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