Buyers need to know when they will receive keys to the house. Typically, that is after Closing.
Settlement vs. Closing in Cary NC Real Estate
Folks buying or selling a home in Cary need to plan well for activities around Settlement and Closing. And they should be able to expect some guidance from their Listing Agent and Buyers Agent.
And, many home buyers in Cary do not know the difference between Settlement and Closing in a North Carolina Real Estate transaction. When using the NC Association of REALTORS® Standard Offer to Purchase and Contract, the two terms have significantly different meanings. "Settlement" is the signing of documents related to conveyance of the property. "Closing" is when the Closing Attorney actually records the Deed at the Wake County Courthouse. Buyers are still Buyers until the Deed is recorded. After Recording, i.e., "Closing," Buyers become "Owners."
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: