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Tax Closing Costs

Property Taxes

This is the one closing cost that is often prorated between the buyer and seller. If the seller has already paid the annual property taxes, the buyer typically reimburses the seller for the period in which the buyer will be occupying the property. Likewise, if the taxes have not yet been paid, the seller typically reimburses the buyer for the period in which the seller occupied the property.

Transfer Taxes and Recording Fees

This is the cost for transferring ownership of the property and recording the purchase documents. The fee is often calculated as a percentage of the sales price.

Have questions about the loan process? Call Deb at (877) 996-9998 . We answer questions about the loan process every day.

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NMLS 9908    |     FAIR LENDER     |     FAIR HOUSING

 

Team USA Mortgage LLC Corp Office

1709 Tullamore Ave, Suite D Bloomington, IL 61704

Deb Root NMLS #1647239

277-577-2156   |   Debroot@teamusamtg.com

“STATE OF ILLINOIS COMMUNITY REINVESTMENT NOTICE The Department of Financial and Professional Regulation (Department) evaluates our performance in meeting the financial services needs of this community, including the needs of low-income to moderate-income households. The Department takes this evaluation into account when deciding on certain applications submitted by us for approval by the Department. Your involvement is encouraged. You may obtain a copy of our evaluation once the Department completes our first evaluation. You may also submit signed, written comments about our performance in meeting community financial services needs to the Department. We will update this notice when our first evaluation has been issued.”

NMLS 9908    |     FAIR LENDER     |     FAIR HOUSING