Homes Now Colorado
Dianne Meyer
719-301-2227719-301-2227

Pro-rations

Common pro-rations found on the settlement sheet when closing a home are taxes, HOA fees, contents of propane tanks, and sometimes some utilities.

Property taxes are paid in arrears which means the new Buyer will be paying for the current year taxes in the upcoming year. The title company will need to pro-rate the days the Seller has lived in the home for the current year and provide a credit to the Buyer to pay the entire tax bill in the upcoming year when the taxes are due.

Keep in mind, if you have an escrow account with your lender that you have been paying into monthly for taxes and insurance, the lender will be reimbursing you for the money in your escrow account once they are aware the home has sold and they close out your account.  Typically, you can expect to receive a check from the lender within about 14-21 days after the closing.