Are the buyers always responsible to pay for assessment of house?

Asked by Terri.Hernandez, Norristown, PA Thu Mar 14, 2013

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Ron Thomas, Agent, Fresno, CA
Thu Mar 14, 2013
One of the reasons for an ESCROW is that they collect the Property Taxes from the Seller, up to the date of Close of Escrow: If the Seller is paid up, (usually), then they will receive a reimbursement check.
And they will collect a pre-pay check from you for the pre-pay taxes: Taxes are always pre-paid, in six month intervals:
The first installment is for July thru December and is due November 1st
The second covers January thru June and is due February 1st

The amount of taxes that the Escrow company will collect, is determined by the month that the Escrow closes; eg. 6 month's worth in January, or 1 month's worth in June.
Unless there are additional levy's, the normal tax rate is 1.25%.
Good luck and welcome to California
0 votes
Kylee Roe, Agent, Sacramento, CA
Thu Mar 14, 2013
I believe you are referring to "appraisal", not "Assessment". Your lender sends out an appraiser to determine the home's market value, so the lender will loan you the money to make the purchase. It is typically a fee your lender charges you. I suppose you could try to get the seller to pay that fee, but why would you? If you can't pay that fee, then I wonder if you should be buying a house at all.
0 votes
Thierry Abel, Mortgage Broker Or Lender, Corte Madera, CA
Thu Mar 14, 2013
Terri,

If by assessment, you are refering to the Appraisal, then yes because the appraisal is requested by the bank that will finance the purchase on behalf of the....BUYER
0 votes
Terri.Hernan…, Home Buyer, Norristown, PA
Thu Mar 14, 2013
We are buying our first house and upon reviewing the contract of the loan there is an assessment fee of $480.00 that we have to pay for them to assess the house. Is this right?
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Thu Mar 14, 2013
The county or town usually determines the tax assessment, they don't charge you - they tax you for it based on the assessment.
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