I purchased a home in sparta ga in oct 2010. As the buyer, am I responsible for the entire property tax bill for 2010?

Asked by Barbara Singleton, 31211 Thu Mar 10, 2011

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Lori Beardsl…, Mortgage Broker Or Lender, Canton, GA
Fri Mar 11, 2011
Timothy is correct, your Settlement Statement (HUD1) is a legal form that had all the figures that told you how much you needed to bring to closing and detailed all the closing costs. On page #1 of this form you should have received a credit from the Seller from 1/1/2010 to the date of closing. This credit would show up on line #211 of the HUD1. So to answer your question, yes you will pay the whole bill since they already should have given you a credit for their portion at closing.
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Tim Brown, Mortgage Broker Or Lender, Alpharetta, GA
Fri Mar 11, 2011

If you look at the settlement statement from your closing, the seller should have provided you with a credit for their portion of the year's taxes (Jan - Sep). This means when the tax bill comes due you would be responsible for the entire amount since you have already been reimbursed for the taxes by the seller.

Hope this helps.


Timothy Brown | President
Academy Residential Mortgage, Inc.| academyresidential.com
11380 Southbridge Pkwy, Suite 200 | Alpharetta, GA 30022
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959
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