Bruce Lynn,
Agent, Texas
Taxes will be prorated up to closing day so you get a clear title.
Web Reference: http://www.dfwSnapshot.com
Guy E. Gimenez ABR, CRS, GRI / Broker,
Broker, 78704
The answer to your question is stated in paragraph 10 of the FNMA Addendum. FNMA will pay make the taxes current and the current year's taxes will be prorated.
Guy Gimenez
Broker / Investor
The PowerHouse Group
512-731-5613
guy@phgbrokers.com
Guy Gimenez
Broker / Investor
The PowerHouse Group
512-731-5613
guy@phgbrokers.com
Web Reference: http://www.phgbrokers.com
NA,
Just Looking, Dallas County, TX
Great question and a good job doing your research.
One of the conditions to closing on any home is that the home seller (whether it be Fannie, Freddie, HUD or a private home owner) will be responsible to transfer a marketable title free from defects or encumbrances. This is also another reason why it is imperative that you obtain Title Insurance. In order to make sure the issue of the delinquent taxes is corrected and there are no other such clouds on title, it is always recommended that you have an abstract of title done by an attorney. In the case of Fannie Mae sales, there is an additional addendum attached to your contract that you want to make sure you review very carefully and it is again recommended that if you are unclear about anything that you read, you have a Real Estate attorney review these forms with you.
Robert K. Regan
R. K. Regan Team
214-586-7224
Rob@RKRegan.com
One of the conditions to closing on any home is that the home seller (whether it be Fannie, Freddie, HUD or a private home owner) will be responsible to transfer a marketable title free from defects or encumbrances. This is also another reason why it is imperative that you obtain Title Insurance. In order to make sure the issue of the delinquent taxes is corrected and there are no other such clouds on title, it is always recommended that you have an abstract of title done by an attorney. In the case of Fannie Mae sales, there is an additional addendum attached to your contract that you want to make sure you review very carefully and it is again recommended that if you are unclear about anything that you read, you have a Real Estate attorney review these forms with you.
Robert K. Regan
R. K. Regan Team
214-586-7224
Rob@RKRegan.com
Web Reference: http://www.RKRegan.com
