We?re already starting to get questions about the November real estate taxes so I thought that I would touch on that this month.
As we approach the due date, lenders require that the November 10th installment of real estate taxes be paid at closing. If the seller is currently escrowing taxes and the closing takes place shortly before the 10th, we are not always able to confirm payment. This usually occurs because the lender?s payment from escrow is in transit and unable to be verified with the Monroe County treasurer. In these situations we will hold in escrow from the seller an amount equal to the tax payment plus ten percent. Post-closing, if we confirm that the payment was made on time, we?ll refund the escrow to the seller. If the payment was not made, we?ll pay the taxes due plus the penalty from the escrow.
Our team enjoyed a terrific August. The title team?s average turn time for Monroe County orders was 2.81 days. Eighty percent of our orders were sent out within 3 days and ninety two percent in four days. Because the average time was less than 3.14 days, everyone in the company will enjoy some pie!
For the four weeks ending September 1st, the closing team produced seller side closing statements 93% of the time 2 or more days prior to closing. And we helped 511 people buy, sell or refinance their properties.
Have a great fall!
~ John Bethell