Home Selling in 78130>Question Details

Kika, Home Seller in 78130

who pays for mortage tax?

Asked by Kika, 78130 Tue Feb 16, 2010

Help the community by answering this question:



Not sure what you mean by mortgage tax?
Typically what you pay should be outlined in the contract.
Property taxes are typically prorated to the closing date with each buyer and seller paying for the time they have the house.
Buyer closing costs or mortgage fees are negotiable. I would think normally the buyer pays, but this is not 100% true...they can be negotiated to have the seller pay.
Hope this helps.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Wed Feb 17, 2010
Bruce Lynn, Real Estate Pro in Coppell, TX
Hi Kika, I see by your zip code that you might be located in New Braunfels, TX. I'm a realtor in the New Braunfels area as well. As the other respondents said, there's a little uncertainty as to what tax you mean...if it's property taxes those are usually included in your monthly payment to be paid by the lender on your behalf and to the tax appraisal district by Jan.31st each year. If that's not it, email me and I'll see if I can find out, especially if it pertains to just Texas, thanks

Deb Kempert
Realty Executives
Web Reference: http://www.debkempert.com
0 votes Thank Flag Link Tue Feb 16, 2010
Hi Kika,

I'm a local agent here in New Braunfels, Texas. I see you are selling a home and you might be curious to who pays for what at closing? Am I correct?

Please call me and I can answer your questions.

Melissa Elizondo
(830) 632-6433
0 votes Thank Flag Link Tue Feb 16, 2010
Kika - I am not sure what you mean by "mortage tax".........if you mean the interest on the amount you borrow - that is included in the monthly payment you make, and it is shown on your statements. Depending on how your pay your taxes to the IRS, that inerest charge may be tax deductible.....so it is itemized on your statements making it clearly visible.

If you mean property taxes..............they are usually paid as part of your mortgage payment, too.......and are added to the total amount you owe. You will get a statement (at the end of the year) showing what the total was paid towards your property taxes. If you don't have a mortgage, then property taxes are paid by the owner directly to the town.

If the mortgage company or bank is paying them, they will also hold an amount in excrow to cover a quarterly future payment.

If you are referring to a state sale's transfer tax...........in my state, that is paid by the seller.

If this didn't answer your question, please clarify what it is you are asking.

Best wishes............
0 votes Thank Flag Link Tue Feb 16, 2010
I am not certain which type of tax you are inquiring . There are many different types... if you would like to log back on and add some details i can better try to assist you. I am not sure if you are thinking of the tax when you purchase or such? thank you
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Feb 16, 2010
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