Legal Question in Real Estate Law in Texas
Taxes misfigured at settlement
At settlement we decided to escrow our property & school taxes. We were rather surprised when at the end of the year to find out that we owed $1200 more in tax than was figured and that we put in escrow.
This is our first mortgage so we are wondering is this normal? This actually made our monthly payments go up $300 a month.
I am worried because this was major for us but what else might they have missed? Is this something I need to worry about or I am just such a real estate newbie that I am worried over nothing.
1 Answer from Attorneys
Re: Taxes misfigured at settlement
You probably bought a new house that was assessed on land value only. When improvements were added this year, taxes went up! At closing, depending on the time of the year, there should have been a tax proration on your closing statement where the Seller may have given you a credit at closing for his portion of the taxes from January 1st to the date of closing. Since taxes went up, he may owe you more and you should have the right to request the additional sum, based on actual taxes, under the terms of your contract.
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