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closing costs and taxes?

we are supposed to close tomorrow and when the bank was doing the final tallying they found out that the sellers prepaid the school taxes. Now they have to refigure everything. Does this mean that our closing costs well increase?
  • October 01 2013 - North Tonawanda
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Answers (2)

Yes they would.
  • October 09 2013
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Profile picture for pabloklaat
Unfortunately, it could mean that your cash to close will increase. It really depends on how the 'cash to close' amount was calculated by your lender and the title company up to now.  They may have already factored this into the amount of cash you needed.  The title company will arrange to refund the taxes already paid by the seller.  This will be pro-rated for the period paid(monthly,quarterly or semi-annually).   These funds will come from the buyer's side of the HUD-1 settlement sheet, your side.  Call your lender and asked them for the details.  In my opinion, this amount should have been factored in the numbers already.  Congrats on the new home and many years of happiness to you and your family.  Aloha!
  • October 01 2013
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