Thursday, April 14, 2011
The Inside Scoop
Did you know that in most closings for home purchases in Maryland, the settlement agent will caluculate the pro-rated balances of certain bills related to the property such as property taxes and utilities? The purpose of calculating a proration is so that the seller pays just their portion of the bill up to the date of settlement, and the buyer only has to pay from the date of settlement forward. Buyers should always contact utility companies directly however, to ensure that the account is transferred into your name. The settlement company cannot do this for you. Did you know that first-time Maryland homebuyers do not have to pay transfer tax? You may still qualify even if you have purchased a home before, as long as enough time has passed. Be sure to ask your realtor or settlement agent about the credit and to see if you qualify.