5 THINGS BUYERS SHOULD KNOW - A SUCCESSFUL CLOSING

By
Real Estate Agent with Robin Scott, REALTOR® 467100

Today I had another successful closing. Yahoo! My buyers bought new construction and I'm so happy for them to be able to move into their new home. The closing was painless but there are always some things I want my buyers to know about home ownership and I usually cover it at closing.

1. Rents are paid in advance but mortgages are paid in arrears. That means that it feels like you skip a payment because if you close mid June, your first payment will not be due until August 1.

2. In Texas we have homestead exemptions. They may be filed the January after you have lived in your home and will reduce your property taxes by about 12 percent. I always send the forms to my buyers in January but you may find one on the county appraisal Web site. It's easy to fill out and mail in. Don't pay anyone to do it for you.

3. If your neighborhood has community mailboxes, take your settlement statement to the post office and they will assign a box to you and rekey it so no previous owner will have access.

4. If you are buying a resale, be sure to have all the locks rekeyed. Who knows who may have a copy of the key. There are many companies who can do this for you and a nominal cost.

5. For new construction, the tax appraisal in the first year is probably based on unapproved property so expect the taxes to go up the following year when they are appraised to include the home. Plan for it by saving every month so you won't be caught short the following year.

Robin Scott Broker.  Certified Residential Specialist. If you have any further questions you may contact me at 512-589-7988 or robinscottrealtor@gmail.com

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I want to be your REALTOR. If you are thinking of selling a house, give me a call. I'm happy to answer any questions you may have about the seller's disclosure or other matters involving selling a home. 512. 589.7988.

 

If you are interested in finding out more about Austin, living in Austin, real estate or buying or selling a home in Austin, I want to be your REALTOR. And I appreciate your referrals as well. Call or email to find out how I can help you. 512.589.7988 or robin@robinscottrealtor.com

 

Austin, Texas Homes for Sale. Robin Scott, BROKER Certified Residential Specialist, Accredited Buyer's Representative, Seller's Representative Specialist. 512.589.7988.

 

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Topic:
ActiveRain Community
Location:
Texas
Tags:
homebuyers closing
homestead exemption
property taxes
home buying information

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Rainmaker
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LLoyd Nichols
SW Florida Homes
Premier Florida Realty of SWFL

Robin: great revision of the strong basics of purchasing and renting in real estate. It will mostly help buyers . These are very useful tips for them. #5 is very important, so they do know what they will face the next year and save for these higher property taxes for the next year if it was based on unimproved property in the first place.

June 17, 2008 03:23 PM
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Rainmaker
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Robin Scott

Broker, CRS, ABR, SRS, REALTOR® - Austin Texas
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