Wake County Property Tax Pro-Ration with video blog
Real Estate Closing and Wake County NC Property Tax Details
Wake County Property Tax Proration at Closing
It really isn't all that complicated.
Seller pays property tax through Closing, the date of deed recordation.
Buyer pays the balance for the year starting from the day after closing.
Wake County Property Tax year is the Calendar year, January 1 through December 31. Your Closing Attorney will divide the tax bill by 365 days, and multiply the result, the property tax per day by the number of days for which each party is responsible.
And the total is the party's share.
If the tax bill has been paid already, Buyer will credit Seller at settlement for their share.
If the tax bill has not been paid, Seller will credit Buyer for their share.
It seemed to be worthy of a quick breathless 60 Seconds in Real Estate Cary NC video blog:
Calculate how much mortgage you can handle with Mike’s Mortgage Calculator.
Affordable Mortgage Calculator
I picked up this Mortgage Affordability Calculator from Calcmoolator. It is informal, but can help folks have a little fun comparing their finances to home costs, and to determine if affordable home ownership is feasible for them. Users should adjust taxes and insurance to reflect something closer to market value in Cary.
A listing agent or Seller will not accept these results as proof that a Buyer can afford a home. And a Buyers agent should not think a quick calculation like this is proof that the buyer can afford a home. The calculator is not a substitute for a prequalification session or a mortgage preapproval letter from a lender, but it can help folks gain some focus on some of the issues in home lending. Of course, if you want to step directly into working with a great mortgage banker, I always recommend Kevin Martini of SunTrust Mortgage.
Prelisting inspections can help a Seller over some hurdles on the way to closing.
Prelisting Home Inspections
Home Inspections Prior to Selling
It is becoming more common for Sellers in Cary to have a home inspection prior to listing the house for sale. I think that is a great trend, and a great marketing tool, particularly when all repairs are already made too. This method allows the Seller to perform repairs with chosen contractors, and without the rush of a closing deadline.
When the Listing Agent can advertise as much, and the Buyers Agent can tell their client that the home has been inspected and repaired, it is a HUGE confidence builder for the Buyer. The Buyers inspections will yield fewer findings, and the home should be easier to accept.
One to Buy, Two to Sell is often a point of contention in real estate sales.
60 Seconds in Real Estate, Cary NC
One to Buy, Two to Sell
Often conversation with homesellers can become awkward when the topic of marriage arises, as in, "Have you been married at any time while you have owned this home?"
When I am talking to ONE Seller, things can become quickly complicated when they say something like, "Yes, but we are separated/divorced." Or, "I owned the house before we were married, and he/she didn't help pay for it. He/she has nothing to say about the sale."
Well…. It depends. In North Carolina, we are a "One to buy, Two to sell," meaning that a long-lost spouse or ex-spouse may have a financial interest in the property.
Horror stories of shock and surprise abound…..
One of the responsibilities of a Listing agent is to attempt within reason to ensure that the Seller can actually legally SELL the property. No one wants to list a home for sale, and find that there is another Seller who is not on the listing agreement, and then have an irate Buyer and Buyers Agent.
And, it is important to note, I am not an attorney, and cannot offer legal advice. But, often it is necessary to access a legal opinion as to who must approve the sale. I have spoken with divorce attorneys, and have received "Free Trader" agreement copies, and either way has put my mind at ease that I can market a property with confidence that it can be conveyed.
And sometimes, the former spouses have to bury the hatchet long enough to consummate a real estate transaction. That process can be unnerving to all involved.
The topic seemed worthy of a 60 Seconds in Real Estate vlog: